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February 2nd, 2009, 3:23 am | By forexcycle | Published in Daily Technical | Comments on this postComments Off

USDJPY is trading in a range between 89.15 and 90.74. Sideways consolidation could be seen in a couple of days. Near term resistance is located at 90.74, a break above this level will signal further rally to 92.50 zone. Initial support support is at 89.15 followed by 88.42, below 88.42 will indicate that the medium term downtrend from 94.61 (Jan 6 high) has resumed, and then deeper decline could be seen to 86.00 zone.

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