USDJPY remains in downtrend from 92.32

Franco Shao from ForexCycle.com at 11/20/09

 

USDJPY remains in downtrend from 92.32 and the fall extended further to as low as 88.64 level. Deeper decline is still possible later today. Rebound would more likely be seen before breaking below 88.01 previous low. Support and resistance are located at the borders of the falling price channel. A clear break above the channel resistance will indicate that the downward trend from 92.32 has completed, then the following uptrend could bring price back to 91.00 or even 92.00.