Wednesday, May 2, 2007
Japanese Yen Breaks 120
The USDJPY looks top heavy at current levels as evidenced by RSI bearish divergence on the hourly. Still, the resistance is not until the 78.6% of 122.17-115.14 at 120.67. With the rally from 117.60 in 5 waves, a correction is due towards the former 4th wave, which intersects with Fibonacci support at the 38.2% and 50% of 117.60-120.23 at 118.91/119.22.
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