USDJPY remains in uptrend from 88.06
February 7, 2013 1:55 am in Forex Analysis
USDJPY remains in uptrend from 88.06, the fall from 94.05 is treated as consolidation of the uptrend. Support is located at the lower line of the price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to resume, and another rise to 95.00 area is still possible. On the downside, a clear break below the channel support will suggest that a cycle top has been formed at 94.05, and lengthier consolidation of the longer term uptrend from 79.07 (Nov 9, 2012 low) is underway, then deeper decline to 91.00 area could be seen.