USDJPY remains in short term uptrend form 90.07

Franco Shao from ForexCycle.com at 10/27/09

 

USDJPY remains in short term uptrend form 90.07. As long as 91.57 support holds, we’d expect uptrend to continue and further rise to test 92.53 resistance is possible later today, a breakout of this level will confirm that the downward trend from 97.78 (Aug 7 high) has completed at 88.01 level already. However, below 91.57 will indicate that minor consolidation of uptrend from 88.01 is underway, then pullback towards the rising trend line from 88.01 to 88.83 is expected to follow.