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USDJPY breaks below 95.77

Discussion in 'Major Currency Pairs' started by ForexCycle.com, Oct 24, 2008.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY breaks below 95.77 (Mar 17 low) long term key support and reaches as low as 90.92 level. Consolidation is expected next week, and deeper decline could be seen to 87.00 zone after consolidation. Key resistance is located at 103.06, only rise above this level will signal reversal to down trend.

    For long term analysis, USDJPY breaks below 95.77 (Mar 17 low) long term key support and is back to long term bearish movement. Further decline to 85.00 zone to reach the next cycle bottom on weekly chart is now in favor.

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