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USDJPY remains in downtrend from 96.70

Discussion in 'Technical Analysis' started by ForexCycle.com, Mar 28, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    USDJPY remains in downtrend from 96.70, the price action from 93.53 is likely consolidation of the downtrend. Key resistance is at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to resume, and another fall to 92.00 – 93.00 area to complete the downward movement is possible. However, a clear break above the channel resistance will indicate that the downtrend from 96.70 had completed at 93.53 already, then further rise towards 100.00 could be seen.


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