USDJPY is in uptrend from 88.01

Franco Shao from ForexCycle.com at 10/20/09

 

USDJPY is in uptrend from 88.01, the fall from 91.31 is treated as consolidation of uptrend. Trading in a range between 90.00 and 91.31 is expected later today and pullback to the rising trend line from 88.01 to 88.83 to reach the next short term cycle bottom on 4-hour chart would more likely be seen by the end of consolidation. Resistance level is located at 91.31, above this level will suggest that the uptrend has resumed, then next target would be at 92.00 zone. Key support is at the rising trend line now at 89.50, only fall below this level will indicate that the uptrend from 88.01 has completed.