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USDJPY’s fall extends to 97.15

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 24, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    USDJPY’s fall from 99.00 extends to as low as 97.15. Resistance is now located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the short term downtrend from 99.00 could be expected to continue, and deeper decline to test 96.57 support would likely be seen, a breakdown below this level will signal resumption of the longer term downtrend from 100.60, then the target would be at 94.50 – 95.00 area. However, as long as 96.57 support holds, the fall from 99.00 could be treated as correction of the uptrend from 96.57, one more rise to 100.00 area is still possible.


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