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USDJPY has retreated from last week’s 7-month highs as the positive momentum driving the pair higher from mid-April subsides. However, the near-term bias remains bullish with prices trading above the Ichimoku cloud and the RSI holding comfortably above the 55 neutral mark, even though it has come off overbought levels. Should the upside momentum strengthen again, prices will likely meet resistance in the area, which has proved a major barrier in recent days. A successful challenge of this level [..]

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FXTM also saw the elevated concerns over China as furthering the woes for the emerging markets as the emerging markets were vulnerable to declining trade from China, with trade data early in September showing that China was already importing less from abroad before the unexpected Yuan devaluation.

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The month of April also saw WTI Oil attempt to recover losses after extended towards the psychological $97 level late in March, which was pinpointed by FXTM as crucial support for the commodity as far back as January.

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Headline attention continued to surround the China economy in August as the markets not only continued to watch a sharp reversal in the Shanghai Composite Index, but were also left shocked by an unexpected Yuan devaluation from the PBoC.

The majority of all attention during September was directed on the Federal Reserve as the FOMC disappointed USD bulls by refusing to begin raising US interest rates.

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The unexpected currency devaluation from the PBoC was seen as a contributing factor behind the Federal Reserve postponing raising US interest rates as many expected them to do in September.

Overall the threat around US interest rate expectations, a resumption of selling in the commodity markets and the emerging development of possible slowing trade from China resulted in heavy selling throughout the emerging markets and FXTM began defining emerging market currency weakness as a global phenomenon.

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