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USDJPY broke above the downtrend line

Discussion in 'Technical Analysis' started by ForexCycle.com, May 8, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY broke above the downtrend line on 4-hour chart, suggesting that the short term downtrend from 82.76 has completed at 79.58 already. Now the bounce from 79.58 is treated as consolidation of longer term downtrend from 85.51. Range trading between 79.58 and 81.50 would likely be seen in a couple of days. As long as 81.50 resistance holds, downtrend could be expected to resume after consolidation, and another fall towards 78.50 area is still possible.

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