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USDJPY formed a cycle top at 88.11

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 29, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY formed a cycle top at 88.11 level on 4-hour chart. Now the fall from 88.11 is treated as resumption of downtrend from 92.88 (Jun 4 high). Further fall towards 84.82 (2009 low) is expected in next several days. Key resistance is at 88.11, only rise above this level could indicate that lengthier consolidation of downtrend is underway.

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