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Break lower brings trend into doubt

Break lower brings trend into doubt | 16 October 2013

16 October 2013, USD/JPY

The USD/JPY pair was unable to overcome tough resistance at the 98.65 highs and fell back down, breaking below the 45° trend-line and bringing into doubt the persistence of the short-term up-trend. There was a recovery, however, afterwards, although a move back up to 98.65 would be required to reactivate the up-trend, and probably above 99.00 to hurdle the resistance at the highs. The rapid move down off the highs has established a a down-target of 97.30, although I'd want to see a move below the 98.00 lows for confirmation.
Break lower brings trend into doubt
Mark Satcher
Analyst of «FreshForex» company
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