Forex Trading: USD/JPY Bounces Off Daily Resistance And Heads Further Down The Channel

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Forex Trading: USD/JPY Bounces Off Daily Resistance And Heads Further Down The Channel

By Greg Michalowski on November 21, 2008 | More Posts By Greg Michalowski | Forex News By FXDD

USD/JPY has bounced off resistance on the daily chart around 96.50 and is heading down towards lows around 90.88 made a few months back on October 24th. Japan’s finance minister Nakagawa said Japan “will take measures to determine what they can do to curb equity weakness, as global stocks have dropped more than 5% and have impacted their economy” BOJ will cooperate with finance to prop up the economy in the future.

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