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USDJPY rebounded from 76.35

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 10, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    Being contained by 76.29 previous low support, USDJPY rebounded from 76.35. Another fall to re-test 76.29 support is still possible later today, a breakdown below this level could signal resumption of the long term downtrend. Resistance is now located at 77.19, a break above this level will indicate that a cycle bottom has been formed on 4-hour chart, then lengthier consolidation in a range between 76.29 and 80.23 could be seen.

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