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Testing level for USDJPY

Muhammad Zeeshan Ali from AMZ Capital at 02/17/10


USDJPY: (90.85)


USDJPY is gathering momentum into its upward trend and is approaching and important resistance at 91.05 level. This a good resistance in weekly charts are well. Also if we see the downward channel of USDJPY, we will see that the same level almost is the top of that channel so it will be a testing one. We might see USDJPY taking a dip from that level so aggressive traders might look to sell USDJPY based on that observation.

If USDJPY managed to break 91.05 level, then the next resistance will be around 91.75 level and also USDJPY will confirm the long-term upward trend. And some traders might look to buy USDJPY on break of 91.05 level. Conservative traders will like to hold back till USDJPY makes it moves and then enter the market with the trend.

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