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USDJPY - Free Forex Market Analysis

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Sunday, December 30, 2007 at 10:15 GMT

USDJPY broke below 112.73 previous low support, and formed a cycle top at 114.77 on daily chart. Further pullback towards 110.00 area is still possible. Near term resistance is at 114.77, a break above this level will signal the resumption of the up trend. For long term analysis, the pair formed a long term cycle bottom at 107.21 on weekly chart, further rally towards 124.13 (June 22 high) is now in favor.

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