USDJPY stays below a downtrend line on 4-hour chart, and remains in short term downtrend from 77.85. As long as the trend line resistance holds, downtrend could be expected to continue, and on more fall to test 75.96 support is still possible, a breakdown below this level could signal resumption of the long term downtrend from 124.16 (2007 high). On the other side, a clear break above the trend line resistance will indicate that the fall from 77.85 is complete, and lengthier consolidation of the longer term downtrend from 85.51 is underway.

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Forex Technical Analysis