USDJPY Analysis – November 18, 2012

USDJPY breaks above 80.67 resistance, and continues its upward movement from 77.14, and the rise extends to as high as 81.45. Further rise could be expected after consolidation, and next target would be at 83.00 area. Key support is at the lower line of the price channel on daily chart, only a clear break below the channel support could signal completion of the downtrend.

For long term analysis, USDJPY had formed a cycle bottom at 77.14 on weekly chart. Further rise to 86.00 area is possible over the next several weeks.

usdjpy daily chart
usdjpy weekly chart