USDJPY had formed a cycle bottom at 80.31 on 4-hour chart. Further rise to test the resistance of the upper border of the downward price channel is possible later today. As long as the channel resistance holds, the rise is treated as consolidation of the downtrend from 84.17, and another fall is still possible after consolidation. On the other side, a clear break above the channel resistance will indicate that the fall from 84.17 had completed at 80.31 already, then further rise to 83.00 area could be seen.
Written by ForexCycle.com
