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USDJPY Analysis - July 15, 2012 |
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Forex Market Analysis |
Written by ForexCycle.com |
Sunday, 15 July 2012 01:13 GMT
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USDJPY has formed a cycle top at 80.61 on daily chart. Further decline would likely be seen over the next several days, and the first target is 77.66, a breakdown below this level will indicate that he longer term downtrend from 84.17 has resumed, then the next target would be at 76.00 area. Key resistance is at 80.61, only break above this level could trigger another rise to 83.00 zone.
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.
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