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May 16, 2012

USD/JPY Breaks Above Channel Resistance; Trades at May High

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USD/JPY indeed bottomed out in the short-term and broke above a declining channel resistance. The 1H chart shows the bottoming formation.  There is resistance in the 80.50-80.60 area. This is the May high established in the beginning of the month. Above this pivot, some resistance can be... FF News: Technical

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