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| USD/JPY Breaking Below Support Posted: 18 Nov 2011 12:17 AM PST
The JPY is moving early this morning following a bout of USD weakness. With the USD/JPY breaking below the 76.80 support level there is little support remaining on the charts to stand in the way of the pair's all-time low. Most of the majors have been consolidating in the latter half of the week but the USD is weaker across the board to begin the London trading session. There is little data on the economic calendar to affect the majors with the exception of CPI numbers from Canada later this afternoon. The USD/JPY has been on the move early this morning, breaking through support at 76.80. The pair has retraced more than 61% of the most recent Japanese government intervention. Expectations are for the USD/JPY to continue to decline towards its all-time low at 75.55. Resistance will be found back at 76.80 followed by the long term downtrend from 2007 which comes in today at 79.15. Read more forex trading news on our forex blog. |
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