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USDJPY is in consolidation of uptrend

Discussion in 'Technical Analysis' started by ForexCycle.com, Jan 16, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY broke below the lower line of the price channel on 4-hour chart, and is now in consolidation of the uptrend from 82.11. Range trading between 86.82 and 89.67 would likely be seen in a couple of days. Key support is at 86.82, as long as this level holds, the uptrend could be expected to resume, and another rise towards 95.00 is still possible. On the downside, a breakdown below 86.82 will indicate that the uptrend had completed at 89.67 already, then the following downward movement could bring price back to 84.00 zone.

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