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USDJPY remains in downtrend from 82.76

Discussion in 'Technical Analysis' started by ForexCycle.com, May 5, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    USDJPY remains in downtrend from 82.76, the bounce from 79.58 is treated as consolidation of downtrend. Resistance is at the downtrend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 79.00 area. On the other side, a clear break above the trend line resistance will indicate that a cycle bottom has been formed at 79.58 on 4-hour chart, and the downtrend from 82.76 has completed, then further rally could be seen to 81.50 zone.


    Written by ForexCycle.com

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