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USDJPY failed to break above channel resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Feb 16, 2014.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    USDJPY failed to break above the upper line of the price channel on 4-hour chart. Now the fall from 102.70 would possibly be resumption of the downtrend from 105.44. Deeper decline to test 100.75 support would likely be seen, a breakdown below this level will trigger another fall towards 95.00. Key resistance is now at 102.70, only break above this level could signal completion of the downtrend.


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