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USDJPY stays in a trading range between 92.17 and 94.43

Discussion in 'Technical Analysis' started by ForexCycle.com, Feb 17, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY failed to break below 92.17 key support and stays in a trading range between 92.17 and 94.43. As long as 92.17 support holds, the price action in the range is treated as consolidation of the uptrend from 79.07 (Nov 9, 2012 low). Further rise to test 94.43 previous high resistance would likely be seen, a break above this level will signal resumption of the uptrend, then next target would be at 96.00 area. Only break below 92.17 will indicate that the uptrend had completed at 94.43 already, then the following downward movement could bring price back to 91.00 zone.

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