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USDJPY Analysis - July 22, 2012 |
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Forex Market Analysis |
Written by ForexCycle.com |
Sunday, 22 July 2012 11:16 GMT
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USDJPY's downward movement from 80.61 extends to as low as 78.43. Further decline would likely be seen over the next several days, and next target would be at 76.00 area. Resistance is now at 79.50, only break above this level could indicate that a cycle bottom has been formed on daily chart, then another rise to 82.00 could be seen.
For long term analysis, USDJPY has formed a cycle top at 84.17 on weekly chart. Pullback to 75.00 area would likely be seen over the next several weeks.
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