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USDJPY Analysis - July 24, 2010 |
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Forex Market Analysis |
Written by ForexCycle.com |
Saturday, 24 July 2010 02:36 GMT
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USDJPY stays below a falling trend line and remains in downtrend from 92.88. As long as the trend line resistance (now at 88.00) holds, downtrend is expected to continue, and another fall towards 84.82 (2009 low) support is possible.
On the other side, a clear break above the trend line resistance could indicate that lengthier consolidation of downtrend is underway, then bounce towards 89.15 resistance could be seen.
For long term analysis, USDJPY has formed a cycle top at 94.98 level on weekly chart. Drop to 80.00 is expected in next several weeks.
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