USD/JPY - 85.03 Daily Market Outlook - Aug 23

23 August 2010 @ 08:32 pm EDT

Although yesterday's cross-buying in yen has pressured dollar lower, a breach of 84.89 support needed to confirm recent decline has resumed and bring re-test of previous 15-year low at 84.72, then later to 84.25/30 before correction occurs due to loss of momentum.  

  

On the upside, above 85.50/55 would prolong consolidation and yield subsequent rise twd 85.82.

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