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USD/JPY: Rebound Begins From Channel Bottom

USD/JPY: Rebound Begins From Channel Bottom

2010-07-09 09:34:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Long

USDJPY put in a Hammer candlestick and rebounded having found support at the bottom of a downward-sloping channel that has confined price action since early May. Although our long-term fundamental outlook favors a bullish bias, entering long at current levels does not appear attractive with near-term support-turned-resistance nearby at 89.70. We will remain on the sidelines for now and continue monitoring prices for an actionable opportunity to buy.

070910 JPY


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