03.08.201113:14 Forex Analysis & Reviews: USD/JPY Intraday Technical analysis

Long-term review

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The spot rate approaches the upper limit of its medium term bearish channel in 77.80 suggesting a decline. However a break of these levels would release significant potential and initiate a new trend.

According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 77.80 with a 1st objective of 78.50, then 78.80. A break in 77.60 would invalidate this scenario.

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