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NEW YORK
00:40		 LONDON
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11:40		 TOKYO
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14:40
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USD/JPY Classical 01/11/2010

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Contributed by: DailyFx

USDJPY_Classical_01112010

USD/JPY: While we like the idea of the market establishing a major base by current levels over the medium and longer-term, short-term price action has still not confirmed any signs of a bottom, with the price action over the past few days more characteristic of a bearish consolidation ahead of the next drop towards the record lows. Ultimately, a close back above 82.00 will now be required to relieve downside pressures. However, we will be on the lookout for an opportunity to buy on dips below the 79.75 record lows.

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