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Forex pairs in this Article » USD/JPY (London) - USD/JPY has been sitting just below the top of the 101.23

USD/JPY is now testing the cloud. The previous uptrend now acts as resistance at 101.40. Karen Jones at Commerzbank also notes the 13 count on the 240 minute chart. All 3 suggest to her that we could see failure here. In order for the chart pattern to come under pressure however, we will need to see a break back below the base of the cloud at 98.15. She said initial support is offered by the 20 day moving average at 99.27. “Below here will leave the market on the defensive and likely to slide back to 97.27/96.44/95.25 en route to the 93.75 recent low. Above the cloud will target the 103.74 May high.”
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