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USD/JPY Classical 02.28

USD/JPY Classical 02.28

2011-02-28 06:55:00
Joel Kruger, Technical Strategist
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USDJPY_Classical_body_jpy2.png, USD/JPY Classical 02.28

USD/JPY:Although the market has come under some intense pressure in recent trade back below 82.00, overall price action remains largely consolidative and we would expect to see the market once again well supported in the 81.00’s. For now, 81.00 remains the key level to watch below, and only a close below this figure would negate the current range-bound price action and give reason for concern. As such, we like the idea of buying on dips into the 81.00’s in favor of a bullish reversal and close back above 82.00.

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

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