USDJPY stays below a falling trend line

Franco Shao from ForexCycle.com at 11/04/09

 

USDJPY stays below a falling trend line on 4-hour chart and remains in downward trend from 92.32, the rise from 89.44 is more likely consolidation of downtrend. Another fall towards 88.83 is still possible later today, however, rebound is expected before breaking below 88.83 level. Key resistance is now located at 90.64, a break above this level will indicate that the fall from 92.32 has completed at 89.44 already, then another rise to 94.00 could be seen to follow.