USD/JPY has decreased after reaching a new high. It stands below the minor downtrend line signaling that the bias is still bearish in the short term.
Still, as you can see on the H4 chart, USD/JPY is trading above a major uptrend line, so the downside movement could end if the rate reaches uptrend support. Also, jumping and stabilizing above the downtrend line without reaching the uptrend line could signal that the pair will start increasing again.
Staying above the uptrend line and jumping above the minor downtrend line could signal a new swing higher. This scenario could bring a new buying opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
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