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USDJPY stays in a upward price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 12, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY stays in a upward price channel on 4-hour chart, and remains in uptrend from 95.81, the price action from 100.22 is treated as consolidation of the uptrend. Initial support is at 98.75, as long as this level holds, the uptrend could be expected to resume, and one more rise to 101.50 area is still possible. Key support is at the lower line of the channel, only a clear break below the channel support will indicate that the upward movement is complete, then the following downward movement could bring price to 95.00 zone.

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