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USDJPY stays in a price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Apr 25, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY stays in a falling price channel on 4-hour chart, and remains in downtrend from 85.51. Key resistance is now at 82.42, as long as this level holds, downtrend could be expected to continue, and next target would be at 81.00 area. On the other side, a break above 82.42 will indicate that a cycle bottom has been formed at 81.62 level on 4-hour chart, and the fall from 85.51 has completed, then the following upward movement could bring price back to 83.50 zone.

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