USDJPY failed to break above 115.62 resistance

Franco Shao ForexCycle.com

USDJPY failed to break above 115.62 resistance and continued its sideways movement in a range between 111.58 and 115.62. Deeper decline to test 111.58 support would likely be seen next week. A break of this level will indicate that the downtrend from 118.66 has resumed, then the following downward movement could bring price to 108.00 area. Only break above 115.62 resistance could signal completion of the downtrend.

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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