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USDJPY traded in a narrow range

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 16, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY traded in a narrow range between 76.29 and 77.19. Another fall to test 76.29 support is still possible, a breakdown below this level could signal resumption of the long term downtrend. Resistance is at 77.19, only break above this level will indicate that the downward move from 80.23 has completed at 76.30 already, then the following upward movement could bring price back to 79.00-79.50 area.

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