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USD / JPY – Technical Analysis – Descending Triangle

The last six months or so have seen the USD/JPY slowly declining from its March highs around 84. In the last few months it has been forming a descending triangle with a solid support level around the 78 level. Throughout the last month, this has consistently supported the Yen and temporarily halted its steady decline.

During this descending triangle, the peaks have become lower as sellers are enthusiastic to sell at lower prices than previously placing downward pressure on the Yen. (Daily chart below)

Yen_20120905

USD / JPY

   Sep 5 at 01:45 GMT
78.45/46    H: 78.70    L: 78.28
S3 S2 S1 R1 R2 R3
78.00 76.00 80.00 82.00

 

USD/JPY Technical

 

Further levels in both directions:

 

September 5

  • AU 1:30 (GMT) GDP (Q2)
  • EU 7:58 (GMT) Composite PMI (Aug)
  • EU 7:58 (GMT) Services PMI (Aug)
  • EU 9:00 (GMT) Retail Trade (Jul)
  • US 12:30 (GMT) Non Farm Productivity (Final) (Q2)

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