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  1. #1
    Rambo35 is offline Senior Member
    Join Date
    May 2013

    Default USDJPY Approaches Key Support Level

    The Japanese Yen continues to offer traders plenty of opportunities and after a strong rally we saw a reversal trade seven trading sessions ago. Now the USDJPY is approaching the 100 level from the other side and there are plenty of orders waiting at that level. A valid breakdown below that level on a closing base for more than three consecutive days could lead to a much bigger sell-off. We saw it drop below and rebound above it only to break it again today.

    Are you in the bull or bear camp? I think both sides have larger orders going both ways at that level and all the way down to 99.00. We will soon find out how many will jump ship and if this major support level can hold or if the bears will have it their way for a few sessions.

    What do you guys think?
    Last edited by Rambo35; 06-04-2013 at 10:44 PM. Reason: Can a mod please move it to USDJPY thread (I just noticed that and sorry for posting this thread in wrong section. thanks

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