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USDJPY is facing trend line resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 28, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    USDJPY is facing the resistance of the downward trend line on 4-hour chart. A clear break above the trend line resistance will indicate that the downtrend from 99.00 had completed at 96.94 already, then another rise towards 100.00 could be seen. On the downside, as long as the trend line resistance holds, the rise from 96.94 could be treated as consolidation of the downtrend from 99.00, one more fall to test 96.57 support is still possible after consolidation, and a breakdown below this level will signal resumption of the longer term downtrend from 100.60.


    Provided by ForexCycle.com

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