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USDJPY breaks below 97.80 support

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 7, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY breaks below 97.80 support, suggesting that the upward movement from 96.94 had completed at 99.41 already. Further decline to test the support of the lower line of the price channel on 4-hour chart would likely be seen, a clear break below the channel support will signal resumption of the longer term downtrend from 100.60 (Sep 11 high), then the target would be at 93.00 area. On the upside, as long as the channel support holds, the price action from 99.00 would possibly be consolidation of the uptrend from 96.57, one more rise towards 100.00 area is sit possible after consolidation.

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