USDJPY Analysis – February 6, 2011

USDJPY kept on moving sideways in a range between 80.30 and 84.50. Sideways consolidation is expected to continue next week and bounce to 83.00 area would likely be seen. Support is at 80.93 and resistance is at 83.70.

For long term analysis, USDJPY is in consolidation of downtrend. Further rally is possible in next several weeks and target would be at 85.50 area.

usdjpy daily chart