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James Chen

USD/JPY - Potential Continuation Pennant

By James Chen on March 3, 2009 | More Posts By James Chen | Author's Website

USD/JPY Daily Chart

Price action on USD/JPY, a daily chart of which is shown, has formed a small pennant pattern within the context of the latest bullish run. This pennant may be considered a minor price consolidation before a potential continuation of the new uptrend. In the event of any strong break above the top border of the pennant, price should target substantial further resistance around the key psychological 100.00 level.

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