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USDJPY pulled back from 84.40

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 30, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY pulled back from 84.40 and is now facing the lower border of the price channel on 4-hour chart. As long a the channel support holds, the fall is treated as consolidation of uptrend, and another rise to 85.00 area is still possible. However, a clear break below the channel support will indicate that the upward move from 80.30 has completed at 84.40 already, then the following downward movement could bring price back to 81.00-82.00 area.

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