USDJPY continued its bullish movement from 108.13 and the rise extended to as high as 114.36. Near term support is at the ascending trend line on 4-hour chart. As long as the pair is above the trend line, the fall from 114.36 could be treated as consolidation of the uptrend and another rise towards 115.00 could be expected after the consolidation. Key support is now at 113.20, only a breakdown below this level will indicate that the uptrend had completed at 114.36 already, then the following pullback could bring price back to 110.50 – 111.00 area.

usdjpy 4-hour chart

Source: http://www.forexcycle.com/short-term-forex-analysis/111099-usdjpy-daily-analysis-may-12-2017.html

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.