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USD/JPY Classical 02.03

USD/JPY Classical 02.03

2011-02-03 07:01:00
Joel Kruger, Technical Strategist
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USDJPY_CLASSICAL_02.03_body_jpy2.png, USD/JPY Classical 02.03

USD/JPY:Despite the latest setbacks below 82.00 which have put the pressure back on the downside, the market remains well bid on dips towards 81.00. A break and close back below 81.30 on Thursday will open the door for fresh downside towards the multi-year lows from late 2010 by 80.25, but at the same time, should the market manage a close back above 82.00, we could see yet another successful basing attempt with the potential for a more significant recovery back towards and eventually beyond 84.50. In the interim, best to stay on the sidelines and await a clearer signal.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com

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