USDJPY remains in downtrend from 85.51. The bounce from 82.18 is likely consolidation of downtrend. Resistance is at the upper border of the price channel on 4-hour chart, as long as the channel resistance holds, downtrend could be expected to resume, and another fall towards 81.50 is still possible after consolidation. However, a clear break above the channel resistance will indicate that a cycle bottom is being formed at 82.18, then further rally could be seen to 83.45 zone.
Written by ForexCycle.com
