USDJPY continued its downward movement from 115.50

Franco Shao ForexCycle.com

USDJPY continued its downward movement from 115.50 and the fall extended to as low as 112.26. Resistance is located at the top of the price channel on 4-hours chart. As long as the channel resistance holds, the downtrend could be expected to continue and further decline to test 111.59 support is possible. On the upside, a clear break above the channel resistance will indicate that the downtrend is complete, then another rise to test 115.60 resistance could be seen.

Author

Franco Shao

ForexCycle.com

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. Franco has rich experience in the industry.

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