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USDJPY Analysis - July 7, 2012

Long Term Forex Analysis | by ForexCycle.com | Saturday, 07 July 2012 14:30 UTC
USDJPY remains in uptrend from 77.66, the fall from 80.61 is likely consolidation of the uptrend. Support is at the upward trend line on daily chart, as long as the trend line support holds, uptrend could be expected to resume, and another rise towards 83.00 is still possible. On the downside, a clear break below the trend line support will indicate that the uptrend from 77.66 has completed at 80.61 already, then the following downward movement could bring price to 76.00 area.

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

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