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USDJPY pulls back from 103.37

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 4, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    Being contained by the resistance of 103.73 (May 22 high), USDJPY pulls back from 103.37 and breaks below the lower line of the price channel on 4-hour chart, suggesting that consolidation of the uptrend from 96.94 is underway. Sideways movement in a range between 101.50 and 103.37 would likely be seen over the next several days. Key support is at 101.00, as long as this level holds, the uptrend from 96.94 could be expected to resume, and one more rise towards 105.00 is still possible. On the downside, a breakdown below 101.00 will indicate that the upward movement from 96.94 had completed at 103.37 already, then the following downward movement could bring price back to 95.00 zone.


    Provided by ForexCycle.com

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