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USDJPY: Bears Press On Toward 77.00 Level

USDJPY: Bears Press On Toward 77.00 Level

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

Prices are approaching support at 77.47, the September 13 close, after taking out 77.96. A break below this boundary targets the bottom of an Andrew’s Pitchfork channel, now at 76.81. The 77.96 level has been recast as resistance, with a push back above that exposing the Pitchfork top now at 78.88. An actionable trade setup is absent for now and we will stand aside until something concrete presents itself.

USDJPY_Bears_Press_On_Toward_77.00_Level_body_Picture_5.png, USDJPY: Bears Press On Toward 77.00 Level

Daily Chart - Created Using FXCM Marketscope 2.0

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

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

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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

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