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USDJPY broke above 100.00 resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 15, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY broke above 100.00 resistance and reaches as high as 100.48, suggesting that the downward movement from 101.53 had completed. Further rise to test 101.53 resistance could be expected in a couple of days, a break above this level will indicate that the uptrend from 93.79 has resume, then the following upward movement could bring price to 110.00 area. On the downside, as long as 101.53 resistance holds, the rise from 98.27 would possibly be correction of the downtrend from 101.53, one more fall to 95.00 to compete the downward move is still possible.

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