USDJPY Analysis – February 12, 2011

USDJPY formed a sideways consolidation in a range between 80.30 and 84.50. Further rise to test 84.50 resistance would likely be seen next week, a break above this level will target 85.50 area. Support levels are at 83.25 and 83.00.

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