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Dollar Biased Down Vs JPY; Up Vs EUR,GBP,CHF This Week
The following is a technical analysis of seven major currency pairs for this week: USD/JPY is likely to trade with a downward bias this week as the daily MACD and stochastic indicators are bearish, while the five- and 15-day moving averages are falling. Support is at 81.06, the 38.2% Fibonacci correction of the advance from the Feb. 1 low of 76.02 to the March 15 high of 84.18. A breach of this support would target 80.58, the March 7 reaction low, and then the 55-day moving average, coming in now at 80.36. An extension of the fall would target the Feb. 28 low of 80.01, which is near the 50% correction level, and then ... (full story)
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- Apr 9, 2012 9:02am Apr 9, 2012 9:02am
- DTiger107
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- jaygee
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