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USDJPY: Range Bottom to Hold at 80.00?

USDJPY: Range Bottom to Hold at 80.00?

2011-06-24 05:26:00
Ilya Spivak, Sr. Currency Strategist
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STRATEGY: Pending Long

USDJPY put in a bullish Inverted Hammer just above the 80.00 figure, the bottom of the range that has confined prices since early October 2010. While this points to a bounce, the signal is comparatively weak and confirmation is needed on a convincing bullish close on the current candle. We remain sidelined for now and will look for buying opportunities in the days ahead.

USDJPY_Range_Bottom_to_Hold_at_80.00_body_Picture_5.png, USDJPY: Range Bottom to Hold at 80.00?

To discuss these strategies with other traders, please visit the Candlestick Forum

To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

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