USDJPY is in consolidation of downtrend

on March 02 2011 9:39 PM

USDJPY is in consolidation of downtrend from 83.96. As long as 82.23 resistance holds, downtrend could be expected to resume, and another fall towards 81.13 previous low support is possible. However, a break above 82.23 key resistance will indicate that a cycle bottom has been formed on 4-hour chart, and the fall from 83.96 has completed, then the following upward movement could bring price back to 93.00 zone.

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