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USDJPY rebound sharply from 94.36 level

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 4, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    Being contained by the lower border of the rising price channel, USDJPY rebound sharply from 94.36 level, suggesting that a short term cycle bottom is being formed. Range trading between 94.36 and 95.88 would more likely be seen in a couple of days, and one more rise above 95.88 is still possible. Near term support is at the bottom of the price channel and key support is located at 94.01, below this level will indicate that the uptrend from 91.73 has completed, then the following downtrend will take price back to re-test 91.73 previous low support.

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