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USDJPY stays in a falling price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Jan 29, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY stays in a falling price channel on daily chart and remains in downtrend from 93.75. One more fall towards 88.50 area to reach next cycle bottom is possible next week. Resistance is at the upper border of the price channel and key resistance is located at 91.87, a break above this level will indicate that the fall from 93.75 has completed, then another rise towards 95.00-96.00 area could be expected.

    For long term analysis, USDJPY has formed a cycle bottom at 84.82 level on weekly chart. Bounce towards 100.00 area is expected in next several weeks.

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