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USDJPY: Waiting for Pullback to Get Long

USDJPY: Waiting for Pullback to Get Long

2012-03-09 04:13:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Flat

USDJPY is re-testing the March 2 high at 81.86 having bounced from the 23.6% Fibonacci retracement at 80.48. Negative RSI divergence is staring to warn of a possible reversal downward. We will look for this move to yield a more attractive opportunity and remain on the sidelines for now.

USDJPY_Waiting_for_Pullback_to_Get_Long_body_Picture_5.png, USDJPY: Waiting for Pullback to Get Long

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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