USD/JPY analysis (July 02nd 2011)

The pair is consolidating since the beginning of June and the bounce on top of 80,00 become critical support.


USD/JPY – daily chart

We think though that a material base might be in place and expect a break to the upside. To validate this scenario, we need to see a break above recent high at 0,8130.

A break below 80,00 would of course negate this bullish outlook and expose further decline on the pair.