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USD/JPY Classical Technical Report 06.15

By Joel Kruger, Technical Strategist
15 June 2012 05:36 GMT
daily_classical_jpy_body_usd.png, USD/JPY Classical Technical Report 06.15

USD/JPY:The latest setbacks have been rather intense, with the market collapsing through the 200-Day SMA before finally finding support by 77.65. We have since seen attempts at recovery and we contend that the market should continue to break higher, with sights ultimately set on a retest and break of the 2012 highs by 84.20 further up. However, at this point, we will need to see a break and close back above 80.00 to officially alleviate downside pressures and reaffirm bullish outlook.

--- Written by Joel Kruger, Technical Currency Strategist

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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15 June 2012 05:36 GMT