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USDJPY breaks below the upward trend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Jan 22, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY breaks below the upward trend line on 4-hour chart, suggesting that a cycle top has been formed at 90.24 on 4-hour chart, and consolidation of the uptrend from 82.11 is underway. Range trading between 87.79 and 90.24 would likely be seen in a couple of days. As long as 87.79 support holds, the uptrend could be expected to resume after consolidation, and a break above 90.24 could signal resumption of the uptrend. On the downside, a breakdown below 87.79 support will suggest that the uptrend from 82.11 has completed at 90.24 already, then deeper decline to 86.00-87.00 area is possible.

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