USDJPY Analysis - August 29, 2010 Bookmark and Share
Forex Market Analysis  |  Written by ForexCycle.com |  Sunday, 29 August 2010 02:51 GMT
USDJPY may be forming a cycle bottom at 83.62 level on daily chart. Key resistance is at the falling trend line from 92.88 to 88.11, a clear break above the trend line resistance will confirm the cycle bottom, then further rally could be seen to 87.00-88.00 area. Support is at 83.62, only break below this level could trigger another fall to 82.00 zone.

For long term analysis, USDJPY has formed a cycle top at 94.98 level on weekly chart. Drop to 80.00 is still possible after consolidation.

usdjpy daily chart
 

Recommended Forex Trading Platforms

Voted Best Trading Platform of the year 2011 by World Finance Magazine, 4XP is the premier online broker, offering commission-free Forex, CFD’s, tight fixed spreads and real-time prices. 4XP offers cutting-edge software, advanced charting, mobile trading, daily analysis and 24 hour multilingual support.