USDJPY pulled back from 92.32

Franco Shao from ForexCycle.com at 10/28/09

 

Being contained by 92.53 resistance USDJPY pulled back from 92.32, suggesting that a short term cycle top is being formed on 4-hour chart. Key support is located at 91.57, a breakdown below this level will confirm the cycle top, then deeper decline towards the rising trend line from 88.01 to 88.83 is expected to follow. However, as long as 91.57 support holds, further rally is still possible, and a break above 92.32 level will indicate that the uptrend from 88.01 has resumed, then next target would be at 93.00 zone.