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USDJPY breaks below channel support

Discussion in 'Technical Analysis' started by ForexCycle.com, Jan 15, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY breaks below the lower line of the price channel on 4-hour chart, suggesting that a cycle top has been formed on 4-hour chart. Deeper decline would likely be seen and next target would be at 87.50 area. However, the fall from 89.67 would possibly be consolidation of the uptrend from 82.11, as long as 86.82 key support holds, the uptrend could be expected to resume, and another rise towards 95.00 is still possible.

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