USDJPY Analysis – April 11, 2009

USDJPY remains in uptrend from 93.53. Further rally could be seen to 105.00 zone in a couple of weeks. Near term support is at 98.50, as long as this level holds, the uptrend from 93.53 will continue. Medium term support is at the rising trend line from 87.12 to 93.53 now at 96.15, below the trend line support 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