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USDJPY moves sideways between 94.31 and 96.70

Discussion in 'Technical Analysis' started by ForexCycle.com, Mar 21, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY moves sideways in a trading range between 94.31 and 96.70. The price action in the range is likely consolidation of the uptrend from 90.93. As long as 94.31 support holds, another rise towards 100.00 is still possible after consolidation, and a break above 96.70 resistance could signal resumption of the uptrend. On the downside, a breakdown below 94.31 support will suggest that the uptrend from 90.93 had completed at 96.70 already, then the following downward movement could bring price back to 92.00-93.00 area.

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