USDJPY stays in the falling price channel on 4-hour chart and remains in short term downtrend from 95.05. Deeper decline is still possible to 92.00 zone. Near term resistance is at the upper border of the price channel on 4-hour chart, and key resistance is 93.42, as long as this level holds, we’d expect downtrend to continue. However, above 93.42 level will suggest that a short term cycle bottom has been formed and the fall from 95.05 has completed.

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