USDJPY Analysis – June 12, 2010

USDJPY formed a sideways consolidation in a range between 88.14 and 94.98 for several months. Resistance is at 92.88, a break above this level could trigger another rise towards 94.98 previous high. Near term support is at 90.50, only fall below this level could bring price to re-test 88.14 key support.

For long term analysis, USDJPY is in bullish movement from 84.82, as long as 88.14 support holds, another rise towards 100.00 is still possible in next several weeks.

usdjpy daily chart