Monday, June 10, 2013

USDJPY remains in downtrend from 103.73

USDJPY remains in downtrend from 103.73, the rise from 94.99 is treated as consolidation of the downtrend. Resistance is located at the downward trend line on 4-hour chart, as long as the trend line support holds, the downtrend could be expected to resume, and one more fall towards 90.00 is still possible. On the upside, a clear break above the trend line resistance will indicate that lengthier correction of the downtrend is underway, then further rise to 100.00 – 101.00 area could be seen.