USDJPY H4 - return to declines after resistance test
USDJPY on H4 chart is in a downward trend, where lows and highs are at lower and lower levels. Last week there was a correction of bearish impulse which began on June 2nd. This correction has reached confluence of resistance, where horizontal area 110.65 converges with downward trend line from 11th of May this year.
In that place bulls gave up and pair returned to declines. If the downward trend is to continue pair has to return to the last low around 109.11 and need to break this resistance. Further depreciation should drive pair to 108.37.
In that place bulls gave up and pair returned to declines. If the downward trend is to continue pair has to return to the last low around 109.11 and need to break this resistance. Further depreciation should drive pair to 108.37.
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