USDJPY rebounded sharply from 90.12

Franco Shao from at 09/17/09

 

After touching 90.20 previous low, USDJPY rebounded sharply from 90.12, suggesting that a short term cycle bottom is being formed. Key resistance is now located at 91.62, a break above this level will confirm the cycle bottom and indicate that the downtrend from 97.78 has completed at 90.12 level already, then the following uptrend will take price back to 94.00 zone. Near term support is at 90.12, only fall below this level will signal deeper decline to 89.00-89.50 area.