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USDJPY rebounds from 86.82

Discussion in 'Technical Analysis' started by ForexCycle.com, Jan 8, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    After touching the lower line of the price channel on 4-hour chart, USDJPY rebounds from 86.82, suggesting that a cycle bottom is being formed. Further rise could be expected, and next target would be at 88.00 area. Support is now at 86.82, only break below this level could indicate that lengthier consolidation of the uptrend from 77.14 (Sep 13, 2012 low) is underway, then deeper decline to 86.00 area could be seen.

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