USD/JPY: Making New Highs

By: MIG Bank | Mon, Jan 21, 2013
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USD/JPY has made a higher high. Hourly supports can be found at 89.23 (intraday low) and 88.73 (61.8% retracement of the rise from 87.79 to 90.25).

USD/JPY has validated a long-term bullish trend reversal formation by breaking the strong resistance at 85.53 (06/04/2011 high). The first long-term objective is the key resistance at 94.99 (04/05/2010 high). Another key resistance can be found at 101.45 (06/04/2009 high).

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MIG Bank

Author: MIG Bank

MIG Bank

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Source: The Contrarian Take http://blogs.forbes.com/michaelpollaro/
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