I returned as a USDJPY bear yesterday because “USDJPY sellers came in just before the 61.8% of 1006.60-87.09 at 95.21. This is also the center of a former congestion zone (roughly 94-97) as well as the 100% extension of the rally from 87.09 to 91.31; at 94.08.”
A bounce of recent weakness near term to former support near 92.30 is a possibility but there is no reason to alter the larger bearish outlook.
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Yen Technical Outlook
Thursday, January 8, 2009Posted by ForexGen at 6:37 PM
Labels: ForexGen Demo Accounts Contest, Yen
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