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USDJPY failed to break above 105.44 resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Jan 19, 2014.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY failed to break above 105.44 resistance and pulled back from 104.92, indicating that lengthier sideways movement in a range between 102.85 and 105.44 is underway. Resistance is now at 104.92, a break above this level could signal resumption of the uptrend from 96.57 (Oct 8, 2013 low), then the target would be at 110.00. On the downside, a breakdown below 102.85 support will indicate that that the uptrend from 96.57 had completed at 105.44 already, then the following downward movement could bring price back to 95.00 zone.

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