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USDJPY remains in downtrend from 85.51

Discussion in 'Technical Analysis' started by ForexCycle.com, Apr 24, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY remains in downtrend from 85.51, the price action from 81.62 is treated as consolidation of downtrend. Resistance is at the upper border of the price channel on 4-hour chart, downtrend could be expected to resume after touching the channel resistance. However, a clear break above the upper border of the channel will indicate that a cycle bottom has been formed, and the fall from 85.51 has completed at 81.62 already, then the following upward movement could bring price back to 83.50 area.

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