USDJPY breaks below the lower line of the price channel on 4-hour chart, suggesting that a cycle top has been formed on 4-hour chart. Deeper decline would likely be seen and next target would be at 87.50 area. However, the fall from 89.67 would possibly be consolidation of the uptrend from 82.11, as long as 86.82 key support holds, the uptrend could be expected to resume, and another rise towards 95.00 is still possible.
Franco Shao is founder of ForexCycle.com - a website that focuses on market trend and data analysis of the financial markets, especially for foreign exchange trading. It was established in year 2005.
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