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[QUOTE="katetrades, post: 46002, member: 21862"] [b]USD/JPY Testing Former 99.50 Resistance (June 4, 2013)[/b] USD/JPY kept selling off in the past few trading days as the Nikkei stock index posted sharp declines. This was enough to push USD/JPY back down from the 103.75 area to 99.50. This level coincides with a former resistance level, right after the BOJ implemented its massive QE program. It could act as support from now on since it lines up with the 61.8% Fibonacci retracement level. [IMG]http://www.tradersway.com/var/tw/storage/images/media/images/usdjpy4/17897-1-eng-US/usdjpy.jpg[/IMG] Stochastic is moving out of the oversold region, suggesting that the selloff is overdone and that the pair could head back to its recent highs. A stop below the previous day low of 98.86 and a target around 103.00 would be a good reward-to-risk ratio for a short-term play. [I]By Kate Curtis from Trader's Way[/I] [/QUOTE]
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