Home  Long Term Forex Analysis USDJPY Analysis - Aug 9, 2008
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USDJPY Analysis - Aug 9, 2008 |
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Written by ForexCycle.com
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Friday, 08 August 2008 |
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As expected, USDJPY broke above 108.58 previous high resistance and reached 110.36 level. Further rise to 112.00 to reach next cycle top on daily chart is still possible next week. Initial support is at 107.28, as long as this support holds, up trend will continue.
For long term analysis, USDJPY formed a long term cycle bottom at 95.77 (Mar 17 low) on monthly chart and is now in long term up trend. Further rise towards 120.00 is in favor.
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