USDJPY traded in a narrow range between 90.72 and 92.40. As long as 90.72 support holds, we’d expect uptrend to resume, and further rally could be seen to test 94.61 (Jan 6 high) resistance. A break above this level will indicate that the fall from 110.66 (Aug 8, 2008 high) has completed, and the following medium term uptrend will take price to 102.00 area. However, below 90.72 level will signify that a short term cycle top has been formed at 92.40 level on 4-hour chart, and then lengthier consolidation of the short term uptrend could be seen to follow.
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