USDJPY Analysis – December 24, 2011

USDJPY formed a sideways consolidation in a range between 75.57 and 79.52. Lengthier consolidation in the range could be expected to continue over the next several days.

For long term analysis, USDJPY had formed a cycle bottom at 75.57 on weekly chart. Further rally towards 85.00 would likely be seen over the next several weeks.

usdjpy daily chart