Friday, July 31, 2009
USD/JPY technicals: Fibo and TL resistance looming
As we've said many times over the past few months, USD/JPY is in a 92/102 trading range, and technicals do not work so well in range-bound markets. Nevertheless, the bearish trendline drawn from the 110.50 high through 101.50 and 99.00 now comes in around 96.80 and this should prove some stern resistance.
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