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USDJPY moved sideways in a narrow range

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 14, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY moved sideways in a narrow range between 76.29 and 77.19. Key resistance is at 77.19, a break above this level will indicate that a cycle bottom has been formed at 76.30 on 4-hour chart, and the fall from 80.23 has completed, then further rally could be seen to 79.00-79.50 area. On the downside, a breakdown below 76.29 support will indicate that the long term downtrend has resumed, then next target would be at 73.00 area.

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