76.4% Support in USD/JPY Prompts s/term Recovery
26 January 2012
WEEKLY CHART:
The downmove has so far held above bear channel base support. There is currently little else to suggest that the bears are tiring.
DAILY CHART:
Following the late Oct-10 spike high of 79.51, subsequent weakness has more than once been supported by the 76.4% pullback level.
A positive sign would be recovery through the Dec congestion highs in the 78.20s. However, a better bull signal would come from a push through the 38.2% level.
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