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USDJPY moved sideways in a range between 80.30 and 81.98

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 7, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY moved sideways in a range between 80.30 and 81.98 for several weeks. Lengthier consolidation in the rang is still possible in a couple of days. As long as 81.98 resistance holds, we’d expect downtrend to resume and another fall towards 79.75 (1995 low) is still possible, and a break below 80.55 could signal resumption of downtrend. Key resistance is at 81.98, above this level will indicate that the downtrend from 85.92 (Sep 17 high) has completed at 80.30 already, then the following upward move could bring price back to 83.00-84.00 area.

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