USDJPY remains in uptrend from 108.13, the fall from 111.77 is likely consolidation of the uptrend. Near term support is at the bottom of the price channel on 4-hour chart. As long as the pair is in the channel, the uptrend could be expected to continue, and next target would be at 113.00 area. Only a clear break below the channel support will indicate that the uptrend had completed at 111.77 already, then the following pullback could bring price to 109.00 area.

usdjpy 4-hours chart

Source: http://www.forexcycle.com/short-term-forex-analysis/110715-usdjpy-daily-analysis-april-28-2017.html

Leave a Reply

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