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USDJPY pulls back from 94.45

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 16, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY pulls back from 94.45, suggesting that a short term cycle top is being formed on 4-hour chart. Deeper decline is possible to test 91.73 next week, a break below this level will take price to 90.00 zone. Near term resistance is now at 94.45, only rise above this level will indicate that the pair remains in correction of the downtrend from 98.88, then further rally could be seen to 95.00-95.50 area.

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