USDJPY Analysis – June 2, 2012

USDJPY stays below a downward trend line on daily chart, and remains in downtrend from 84.17, and the fall extends to as low as 77.66. Key resistance is at the trend line, as long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 76.50 area.

For long term analysis, USDJPY has formed a cycle top at 84.17 on weekly chart. Pullback to 76.00 area would likely be seen over the next several weeks.

usdjpy daily chart