USDJPY Analysis – December 1, 2012

USDJPY stays above a upward trend line on daily chart, and remains in uptrend from 77.14, the fall from 82.83 is treated as consolidation of the uptrend. Initial support is at 81.65, as long as this level holds, the uptrend could be expected to continue, and further rise to 83.50 area is possible next week. Key support is at the trend line, only a clear break below the trend line support could signal completion of the uptrend.

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