USDJPY failed to break above 115.62 resistance

USDJPY failed to break above 115.62 resistance and continued its sideways movement in a range between 111.58 and 115.62. Deeper decline to test 111.58 support would likely be seen next week. A break of this level will indicate that the downtrend from 118.66 has resumed, then the following downward movement could bring price to 108.00 area. Only break above 115.62 resistance could signal completion of the downtrend.

USDJPY chart

By ForexCycle.com

 

 


Get our Weekly Commitment of Traders Report: - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.




Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter