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USDJPY may be forming a cycle bottom at 95.83

Discussion in 'Technical Analysis' started by ForexCycle.com, Apr 16, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY may be forming a cycle bottom at 95.83 on 4-hour chart. Further rise to test 99.94 previous high resistance would likely be seen, a break above this level will indicate that the uptrend from 77.14 (Sep 13, 2012 low) has resumed, then another rise towards 105.00 could be seen. On the downside, as long as 99.94 resistance holds, the consolidation of the uptrend could be expected to continue, and one more fall to 94.00 – 94.50 area to complete the consolidation is still possible.

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