USDJPY Analysis – October 2, 2010

USDJPY stays in a trading range between 82.87 and 85.92, and is now facing the previous low support at 82.87, a break below this level will indicate that the downward movement from 94.98 has resumed, then deeper decline towards 79.75 (1995 low) could be seen. However, as long as 82.87 support holds, another rise to re-test 85.92 key resistance is still possible, above this level could indicate that the fall from 94.98 has completed.

For long term analysis, USDJPY remains in downtrend from 94.98, further decline towards 79.75 (1995 low) would more likely be seen.

usdjpy daily chart