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USDJPY rebounded from 91.25

Discussion in 'Technical Analysis' started by ForexCycle.com, Jan 6, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    Being supported by the rising trend line from 87.37 to 88.97, USDJPY rebounded from 91.25, suggesting that a short term cycle bottom has been formed on 4-hour chart. Range trading between 91.25 and 93.21 is expected in a couple of days. As long as 91.25 support holds, the price action from 93.21 is treated as consolidation of uptrend from 84.82 and one more rise towards 94.00-95.00 area is still possible. However, below 91.25 will indicate that lengthier consolidation is underway, then another fall could be seen to 90.50 area.


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