USDJPY Analysis, Daily Forex Analysis, August 5th 2010

  @ibtimes on

USDJPY bounced strongly from 85.32, suggesting that a cycle bottom is being formed on 4-hour chart. Range trading between 85.32 and 86.87 would more likely be seen in a couple of days. However, the bounce is treated as consolidation of downtrend from 92.88 (Jun 4 high), one more fall towards 84.82 (2009 low) is still possible.

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