USDJPY is facing 111.57 resistance

Franco Shao ForexCycle.com

USDJPY is facing 111.57 resistance. As long as the pair is below this level, the rise from 110.11 could be treated as consolidation of the downtrend from 115.50 and further decline to 109.00 area is still possible after the consolidation. On the upside, a break of 111.57 resistance will indicate that the downtrend had completed at 110.11 already, then the following upward movement could bring price back to 113.50 zone.

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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