Tuesday, July 05, 2011
trades within a long-term descending channel
The USD / JPY is trades within a long-term descending channel, while the daily chart is showing signs of consolidation within the 80.00-81.00 range, which may precede sudden movements of quotations, and possibly the formation of model "triangle down ", with waves cuantro already formed inside the triangle. Breaking range and support and resistance levels closer and 81.27 79.56 perspectives could clarify the pair. The USD / JPY has a long-term downtrend, so the 78.82 support level could be the next target.
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Forex Analysis
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