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USD/JPY Outlook: October 10. 2013

USD/JPY Outlook: October 10. 2013

USD/JPY

The pair extends near-term correction through initial barrier at 97.47 and Fibonacci with 38.2% of 99.65/96.55 descend, approaching initial barriers at 98.00/10, and psychological resistance of 50% retracement. Positively aligned near-term studies support further advance, however, overbought hourlies may delay rally. Clear break above 98.00 resistance zone is required to confirm freshly established uptrend and near-term base at 96.55, for stronger recovery towards next significant barrier at 99.00. Corrective dips should be contained above higher low at 97.11, to maintain bulls. Resistance: 97.81; 98.00; 98.10; 98.28

Support: 97.45; 97.11; 96.81; 96.55

USD/JPY Hour Chart” title=”USD/JPY Hour Chart” width=”800″ height=”400″ src=”https://d1-invdn-com.akamaized.net/content/pic4a78f24362d6c3de599aba9fa8fe7228.png” />

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