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USD/JPY Classical Technical Report 09.08

USD/JPY Classical Technical Report 09.08

2011-09-08 05:52:00
Joel Kruger, Technical Strategist
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USDJPY_CLassical_body_jpy2.png, USD/JPY Classical Technical Report 09.08

USD/JPY:Although the market recently broke to fresh record lows below 76.00, failure to establish any downside momentum on the break suggests that the market could be looking to establish a more meaningful base. The latest daily close back above 77.30 encourages recovery outlook and we look for additional upside over the coming sessions back towards critical short-term resistance by 80.25. Back above 77.75 should confirm and accelerate while ultimately, only a daily close below 76.50 delays constructive outlook.

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

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