USDJPY stays in the falling price channel

by: Forex Cycle
USDJPY stays in the falling price channel and remains in downtrend from 101.43. As long as the channel resistance holds, we’d expect the downtrend to resume and deeper decline is still possible to 97.00-97.50 area. On the other side, the pair might be forming a short term cycle bottom at 97.65 level on 4-hour chart. Key resistance is now at 99.74, above this level will indicate that the fall from 101.43 has completed.