Chart of the Week
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USD/JPY
Fri, Feb 8 2008, 16:26 GMT
by Tatsuya Kawanishi
FXstreet.com
The USD/JPY hourly chart showed an over 150 pips-spike hitting a weekly high at 107.83 yesterday ( Feb 7th ). After that, the pair has been hovering in the 107 region. The price at 107.09 ( Fibonacci retracement 38.2%) seems to be a good support level, while the price at 107.83 seems to be a tough resistance level. MACD is positive but declining gradually. If further bearish momentum emerges, the price 106.86 ( Fibonacci retracement 50% ) and the price at 106.61 ( Fibonacci 61.8% ) would be the targets.

Published on
Fri, Feb 8 2008, 16:36 GMT
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