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$/yen testing major, long term support

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    $/yen near term outlook : The market has continued sharply lower, fast approaching that Aug 24th spike low at 116.45 (and also within lots of very long term support in the 115.50/116.50 area, see longer term below). In the big picture, part of the long discussed major topping/rolling over from that June 5th high at 125.85. Currently however, the market is oversold after the tumble over the last few weeks, the seasonal chart for the yen declines into the end of the month (see 3rd chart below,

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