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USDJPY remains in uptrend from 79.69

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 6, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY remains in uptrend from 79.69, the price action from 81.26 is treated as consolidation of uptrend. Support is at the uptrend line on 4-hour chart, as long as the trend line support holds, we’d expect uptrend to resume, and one more rise to 81.60-81.80 area is still possible. However, a clear break below the trend line will indicate that the rise from 79.69 had completed at 81.26 already, then the following downward move could bring price to 78.00 zone.

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