USD/JPY Broke Above 100.00 Resistance
Franco Shao | Jul 15, 2013 09:37PM ET
The USD/JPY broke above 100.00 resistance and reached as high as 100.48, suggesting that the downward movement from 101.53 has completed. Further rise to test 101.53 resistance could be expected in a couple of days. A break above this level will indicate that the uptrend from 93.79 has resumed. The following upward movement could then bring price to the 110.00 area. On the downside, as long as 101.53 resistance holds, the rise from 98.27 could possibly be a correction of the downtrend from 101.53. One more fall to 95.00 to compete the downward move is still possible.
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