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Forex technical analysis: USDJPY making a break for it

Discussion in 'Technical Analysis' started by ForexLive, Oct 4, 2016.

  1. ForexLive

    ForexLive Forum Member

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    Breaks above trend line resistance on the daily chart The USDJPY has pushed above trend line resistance on daily chart today. That occurred at the 102.06 level. The line has three points and two other tests that got close - just not close enough. Regardless, today's break is key for the bulls. It would be better if the range can be further extended. The days range of 104 pips is equal to the average over the last 22 trading days (about a month of trading). We are breaking above the highs as I type. A move above will next target the 102.77 level which was the last two swing highs from September 15 and September 21. Getting above that level will next look toward the 103.35-53 (see yellow area in the chart below).

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