USDJPY broke below rising trend line

Franco Shao from ForexCycle.com at 01/12/10

 

USDJPY broke below the rising trend line from 87.37 to 91.25. Deeper decline is expected to test 91.25 key support. A breakdown below this level could indicate that the uptrend from 98.37 has completed at 93.75 already, then further fall to 90.00-90.50 area could be seen. As long as 91.25 support holds, the price action from 93.21 is treated as consolidation of uptrend from 87.37, one more rise towards 95.00 is still possible.