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USDJPY stays in a upward price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 5, 2012.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    USDJPY stays in a upward price channel on 4-hour chart, and remains in uptrend from 77.43, the fall from 80.67 is likely consolidation of the uptrend. Support is at the lower line of the price channel, as long as the channel support holds, the uptrend could be expected to resume, and another rise towards 81.00 is possible after consolidation. On the other side, a clear break below the channel support will indicate that lengthier consolidation of the uptrend is underway, then range trading between 79.27 and 80.67 could be seen to follow.


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