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2 Patterns in Yen Provide Key Levels to Watch
The Japanese Yen trade for 2013 has been spectacular. The Yen has weakened over 20% in the past 12 months which is a tremendous move for a currency. This means the USD/JPY exchange rate has rocketed higher to levels not seen in the past 5 years. Strong trends need time correct and catch their breath. With such a strong move higher in the USDJPY, the pair needs a healthy correction before taking on the next larger move. When analyzing the forex charts for the USDJPY, we are seeing signs of an exhausted move that is prone to a deeper correction. The pair appears to be carving two patterns which both point to price ... (full story)
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