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USD/JPY Classical Technical Report 10.11

USD/JPY Classical Technical Report 10.11

2011-10-11 07:48:00
Joel Kruger, Technical Strategist
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Daily_Classical_USDJPY_body_jpy2.png, USD/JPY Classical Technical Report 10.11

USD/JPY:Has been locked in an intense consolidation in the 76.00’s over the past several weeks, since breaking to fresh record lows by 75.95, and while we would not rule out the possibility for a continuation of the downtrend, any additional declines are seen as limited. Longer-term technical studies are looking stretched and we anticipate the formation of a major base in favor of an intense upside reversal. Look for a break back above the August highs at 80.25 to confirm outlook and accelerate. In the interim, any dips towards 75.00 are viewed as an excellent and compelling buy opportunity.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

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