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USDJPY formed a cycle bottom at 78.46

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 18, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY formed a cycle bottom at 78.46 on 4-hour chart. Range trading between 78.46 and 79.58 is expected in a couple of days. The price action in the range could be treated as consolidation of downtrend from 81.47, as long as 79.58 resistance holds, one more fall to 77.50 area is still possible. However, a break above 79.58 will suggest that the longer term downtrend from 85.51 has completed at 78.46 already, then the following upward move could bring price to 83.00 zone.

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