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USD/JPY erases intraday losses

By FXstreet.com,  July 09, 2012, 12:21:00 PM EDT

FXstreet.com (Córdoba) - The dollar managed to erase intraday losses against the yen during the New York session after bouncing from the 79.50 area. USD/JPY climbed to the 79.70 area and currently trades nearly flat on the day around 79.60/65.

From a technical view, "Today's price action remains entrenched within 30-pips range, with near-term tone still negative, as broken bull trendline and descending 55 day EMA at 79.70 zone, keep the upside capped", says Slobodan Drvenica analyst at Windsor Brokers Ltd.

"Larger picture shows the pair moving within 79.00/80.00, with supports at the downside reinforced by 200 day MA, while the ceiling at 80.00 breakpoint remains intact despite several attempts higher", Drvenica adds. "Break of either side will define the fresh direction, as short-term studies remain neutral".




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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