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USDJPY Analysis - February 6, 2010 |
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Forex Market Analysis |
Written by ForexCycle.com |
Saturday, 06 February 2010 02:35 GMT
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USDJPY stays in a falling price channel and remains in downward movement from 93.75. Another fall is still possible next week and target would be at 88.00 area. Resistance is now at the upper border of the channel, as long as channel resistance holds, downtrend could be expected to continue. However, next cycle bottom on daily chart is nearing, bounce back to 92.00 area would more likely be seen after touching 88.00 level, and a clear break above the channel resistance will confirm the cycle bottom.
For long term analysis, USDJPY has formed a cycle bottom at 84.82 level on weekly chart. Bounce towards 100.00 area is expected after consolidation.
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