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Technical Updates

USD/JPY Breakdown Targets

Weekly \ AutoChartist.com \ 9:59 AM EST \ March 3rd, 2010

The USD/JPY has broken lower through the support of the symmetrical triangle pattern on the daily chart. As prices have pierced the uptrend line support at 89.80, the shift from neutral or non-trending to a bearish downtrend has been completed for the near term. The follow-through that would be expected from such a momentum breakdown relies on sellers pushing lower through key support levels. Looking to intraday charts to identify these levels leads to the initial, and most significant, near-term support to watch.

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