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Chart Of The Day: USD/JPY

Discussion in 'Technical Analysis' started by ActionForex.com, Jul 19, 2008.

  1. ActionForex.com

    ActionForex.com Content Contributor

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    Price action on the USD/JPY 4-hour chart, as shown, has just hit significant resistance near the top of a short-term parallel downtrend channel (in red). This approach of resistance occurs after an impressive run-up from a key 38.2% Fibonacci retracement support level. Confirming a possible waning of upward momentum near...

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