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USDJPY failed to break below channel support

Discussion in 'Technical Analysis' started by ForexCycle.com, Jan 8, 2014.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY failed to break below the lower line of the price channel on 4-hour chart, and rebounded from 103.91. Further rise to test 105.44 resistance would likely be seen, a break above this level will signal resumption of the the uptrend from 96.94 (Oct 25, 2013 low), then next target would be at 110.00 area. Key support is now at 103.91, only break below this level will indicate that the uptrend from 96.94 is complete.

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