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USDJPY remains in uptrend from 87.37

Franco Shao from ForexCycle.com at 01/05/10


USDJPY remains in uptrend from 87.37 and the fall from 93.21 is more likely consolidation of uptrend. Support is at 91.90 followed by the rising trend line from 87.37 to 88.97. As long as the trend line support holds, we’d expect uptrend to resume and one more rise towards 94.00 is still possible. However, a clear break below the trend line support will indicate that a short term cycle top has been formed at 93.21 on 4-hour chart, and the rise from 87.37 has completed.

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