USDJPY Analysis – May 9, 2009

USDJPY traded in a narrow range between 97.90 and 99.70 for several days. The price action in the trading range is treated as consolidation of the uptrend from 95.62. Further rally to test 101.43 resistance is still in favor next week. Near term support is at 97.90 followed by the lower border of the price channel.

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

usdjpy weekly chart

usdjpy monthly chart