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USDJPY remains in downtrend from 85.51

Discussion in 'Technical Analysis' started by ForexCycle.com, Apr 19, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    USDJPY remains in downtrend from 85.51. The bounce from 82.18 is likely consolidation of downtrend. Resistance is at the upper border of the price channel on 4-hour chart, as long as the channel resistance holds, downtrend could be expected to resume, and another fall towards 81.50 is still possible after consolidation. However, a clear break above the channel resistance will indicate that a cycle bottom is being formed at 82.18, then further rally could be seen to 83.45 zone.


    Written by ForexCycle.com

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