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USD/JPY Technical Analysis: Direction Sought at Trend Line

USD/JPY Technical Analysis: Direction Sought at Trend Line

2013-07-24 10:47:00
Ilya Spivak, Head Strategist, APAC
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USD/JPY Technical Analysis - Prices are consolidating below falling trend line resistance set from late May. Initial support is at 98.56, the 38.2% Fibonacci retracement, with a break below that targeting the 50% mark at 96.74. Alternatively, a push above the trend line (now at 100.73) initially aims for the July 8 swing high at 101.52.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_usd-jpy_body_Picture_4.png, USD/JPY Technical Analysis: Direction Sought at Trend Line

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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