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USD/JPY Classical Technical Report 11.16
Written by article default Wednesday, 16 November 2011 08:05
USD/JPY:Although the market has come back under pressure following the recent surge to 79.55, we retain a constructive outlook with the price still holding above the daily Ichimoku cloud. The bottom of the cloud currently comes in just under 77.00 and so long as the market holds above the bottom of the cloud on a daily close basis, we continue to recommend looking to be long this market in anticipation of a more significant bullish trend shift from record lows. A close back below 76.80 would however give reason for concern.
--- Written by Joel Kruger, Technical Currency Strategist
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