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USD/JPY

Fri, Dec 14 2007, 17:21 GMT
by Tatsuya Kawanishi

FXstreet.com


Since July the USD/JPY daily chart has shown a gradual downtrend channel within a range of 700 pips. Although the pair got out of the the channel twice in August and in November, it immediately got back into the channel. The pair has climed up since the end of November corresponding to the oil prices and the US fundamental data. The strong bullish momentum is not likely to end soon. The resistance line of the downtrend channel (first line) would be the next target at the 114.00 region.

3 Moving Averages of 13, 21 and 51 EMAs are drawn in blue, red and black respectively.

USD/JPY Chart


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