USDJPY Analysis - August 4, 2012
Long Term Forex Analysis | by ForexCycle.com | Saturday, 04 August 2012 06:08 UTCUSDJPY is in downtrend from 80.61. Deeper decline to test 77.66 support could be expected next week, a breakdown below this level will target 76.00 area. Resistance is now at the upper line of the price channel on daily chart, only a clear break above the channel resistance could signal completion of the downtrend.
For long term analysis, USDJPY has formed a cycle top at 84.17 on weekly chart. Pullback to 75.00 area would likely be seen over the next several weeks.
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