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USDJPY: Buyers Lose Grip on 80.00 Figure

USDJPY: Buyers Lose Grip on 80.00 Figure

2012-05-07 04:33:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Flat

USDJPY followed a pair of Shooting Star candlesticks below resistance in the 80.19-80.28 area with a drop to support at 79.74, the 50% Fibonacci expansion. A break below this boundary exposes the 61.8% level at 79.28, while a rebound that takes out near-term resistance exposes a falling trend line set from the mid-March high, now at 80.99. We see no actionable trade setup here at the moment and will stand aside until something more compelling develops.

USDJPY_Buyers_Lose_Grip_on_80.00_Figure_body_Picture_5.png, USDJPY: Buyers Lose Grip on 80.00 Figure

--- 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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