USDJPY Analysis – April 3, 2009

USDJPY breaks above 99.67 previous high resistance, suggesting that the medium term uptrend from 87.12 has resumed. Further rise is now in favor and the next target would be at 105.00 zone. Near term support is at the rising trend line from 87.12 to 93.53, and key support is at 93.53, below this level will indicate that the rise from 87.12 has completed.

For long term analysis, USDJPY formed a cycle bottom at 87.12 on weekly chart. Further rise to 105.00 zone to reach the next cycle top is expected.

usdjpy daily chart