USD/JPY Trading Forecast

By IBTimes Staff Reporter | August 09 2010 1:25 AM

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USD/JPY closed lower on Friday as it extends the decline off May's high. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are diverging but remain neutral to bearish signalling that sideways to lower prices are possible. If it extends the aforementioned decline, weekly support crossing is the next downside target. Closes above last Wednesday's high crossing are needed to confirm that a short-term low has been posted.

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