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USDJPY broke below 88.00 key support

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 15, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    USDJPY broke below 88.00 key support, suggesting that a cycle top has been formed at 89.15 level on 4-hour chart. Now the fall from 89.15 is treated as resumption of downtrend from 92.88 (Jun 4 high). Deeper decline is still possible later today and next target would be at 86.00 area. Key resistance is now at 88.00, only rise above this level could indicate that lengthier consolidation of downtrend is underway, then range trading between 86.96 and 89.15 could be seen.


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