USDJPY moves sideways below 84.17

USDJPY moves sideways below 84.17. The sideways movement is likely consolidation of the uptrend from 76.02. Support is at the lower line of the price channel on 4-hour chart, as long as the channel support holds, we’d expect uptrend to resume, and another rise towards 85.00 is still possible. On the downside, a clear break below the channel support will indicate that lengthier consolidation of the uptrend is underway, then the pair will find support around 82.50.

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