Danske Bank - This week we recommend buying USD/JPY for a move towards 83.15

Danske Bank - "USD/JPY – Base signals strength to challenge multi-month triangle resistance at 83.15 Summary – Buy on dips for further gains to test the upper multi-month triangle (currently at 83.15). Stop under 79.07.
Resistance
84.18; 2012 high – 16 March
83.15; Upper triangle that runs off 6 April 2011 peak.
82.56; 6 April 2012 high, 76.4% retrace of 84.18-77.17 at 82.52
81.78; 20 April 2012 lower ceiling
81.49; 61.8% retrace of 84.18-77.17 
Support
80.13; 15 November 2012 low
79.06; 50% retrace of 77.44 to 
80.68; 9 November 2012 low at 79.07
78.61; 17 October 2012 low
77.94; 11 October 2012 low
77.44; 28 September 2012 low /near triangle support, runs off October 2011 low"

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Tags: Danske Bank, JPY, Japanese Yen, USD/JPY, USDJPY, Yen Resistance and Support Levels

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