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    USD/JPY: technical analysis on 11.02.2016

    On the daily chart, the pair successfully closed below the neckline of the “head and shoulders” formation on Monday but since then lost about 500 points. The pair is trading below the lower MA of Bollinger Bands. The price remains below its moving averages that turned down. The RSI is in the oversold zone and is about to test its beginning of January support. The Composite is testing its August 2015 support suggesting a price reverse is possible. 

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