USDJPY Analysis – May 16, 2009

USDJPY breaks below 95.62 support. Deeper decline is expected to test 93.53 medium term key support, a break below this level will indicate that a cycle top has been formed at 101.43 level on weekly chart, and the uptrend from 87.12 (Jan 21 low) has completed at 101.43 already.

For long term analysis, USDJPY might be forming a cycle top at 101.43 level on weekly chart. Key support is at 93.53, a break below this level will confirm the cycle top.

usdjpy daily chart