USDJPY Weekly Analysis - July 31, 2016

Long Term Forex Analysis | by ForexCycle.com | Sunday, 31 July 2016 10:28 UTC
Being contained by the resistance of the downward trend line on daily chart, USDJPY pulled back from 107.48, indicating that the pair remains in downtrend from 123.75 (Nov 18, 2015 high), and the bounce from 98.97 could be treated as consolidation of the downtrend. Resistance is now at 107.48, as long as this level holds, the downtrend could be expected to continue, and next target would be at 95.00 area. Only break above 107.48 resistance could signal completion of the downtrend.

usdjpy chart

Recommended Forex Trading Platforms

Forex Trading We know that the right opportunity can happen at anytime, anywhere. Saxo Capital Markets is committed to giving you a suite of platforms that will enable you to access your account and trade the markets whenever and wherever you want.


Subscribe to Newsletter

To receive alerts by email when Free Forex Analysis are updated. Enter your email address below.