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USDJPY stays in a trading range between 91.60 and 94.68

Discussion in 'Technical Analysis' started by ForexCycle.com, Apr 30, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY stays in a trading range between 91.60 and 94.68. Lengthier consolidation in the range is still possible in a couple of weeks. As long as 91.60 support holds, we'd expect uptrend from 88.14 to resume and another rise towards 100.00 could be seen after breaking above 94.68 resistance. However, a breakdown below 91.68 will indicate that the rise from 88.14 has completed at 94.68 already, then deeper decline could be seen to 89.00-90.00 area.

    For long term analysis, USDJPY is in bullish movement from 84.82, further rise towards 100.00 could be seen in next several weeks.

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