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USDJPY broke below 76.40 previous low

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 1, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    USDJPY broke below 76.40 previous low and reached as low as 76.29. The pair is now forming a cycle bottom on 4-hour chart, consolidation of downtrend from 81.47 is needed in a couple of days, and the trading range would be between 76.29 and 78.02. As long as 78.02 resistance holds, downtrend could be expected to resume, and another fall towards 75.00 is still possible after consolidation. On the upside, a break above 78.02 will suggest that the fall from 81.47 has completed at 76.29 already, then the following upward movement could bring price back to 82.00-83.00 area.


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