USDJPY stays below a falling trend line

Franco Shao from ForexCycle.com at 12/02/09

 

USDJPY stays below a falling trend line from 90.60 to 89.18, as long as the trend line resistance holds, rebound from 84.82 is treated as consolidation of downtrend from 92.32 and another fall below 84.82 is still possible after consolidation. However, a clear break above the trend line resistance (now at 87.90) will indicate that the fall from 92.32 has completed at 84.82 level already, then the following uptrend could take price back to 89.00 or even 91.00.