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USD/JPY Classical Technical Report 05.10

USD/JPY Classical Technical Report 05.10

2011-05-10 05:15:00
Joel Kruger, Technical Strategist
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USDJPY_CLassicsl_body_jpy2.png, USD/JPY Classical Technical Report 05.10

USD/JPY:Despite the latest slide, we continue to retain a constructive outlook for the market so long as it holds above the daily Ichimoku cloud on a weekly close basis. Ultimately, only a sustained break back below the cloud would negate constructive outlook. A break and close back above 81.00 would confirm outlook and accelerate gains, with daily studies turning up from oversold levels. In the interim, we remain on the sidelines.

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

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