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USDJPY may be forming a cycle bottom at 84.72

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 21, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    USDJPY may be forming a cycle bottom at 84.72 level on daily chart. Key resistance is at the falling trend line, a clear break above the trend line resistance could confirm the cycle bottom, then the following upward movement could bring price to 87.00-88.00 area. Support is at 84.72, only break below this level could trigger another fall to 82.00 zone.

    For long term analysis, USDJPY has formed a cycle top at 94.98 level on weekly chart. Drop to 80.00 is still possible after consolidation.


    Weekly Forex Analysis

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