USDJPY Analysis – June 16, 2012

USDJPY has formed a cycle bottom at 77.66 on daily chart. Another rise to test 80.61 key resistance would likely be seen next week, as long as this level holds, the price action from 77.66 could be treated as consolidation of the downtrend from 84.17, and one more fall to 76.00 area is still possible. On the upside, a break above 80.61 will confirm that the downward movement from 84.17 has completed at 77.66 already, then the following upward move could bring price to 83.00 zone.

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