05th Sep - USD/JPY Recovering Towards Pivotal 76.4% Resistance
05 September 2013
MONTHLY CHART:
The recovery so far has seen price erode the area of the old 101.65 Jan-05 low, which remains the resistance at present.
Falling resistance runs through 107.70 this month.
DAILY CHART:
The Jul/Aug pullback stopped some way short of the key 38.2% support, which guards against a more prolonged correction phase.
Meanwhile, a s/term recovery is in process, closing in on the 76.4% resistance, which remains the challenge for bulls. A break above would signal new interest and a likely breach of the May high.
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