USDJPY Analysis – June 20, 2009

USDJPY has formed a cycle top at 98.88 level on daily chart. Moving lower to test 93.85 support is expected, a break down below this level will signal deeper decline to 90.00 zone. Near term resistance is now at 97.20, as long as this level holds, the downtrend from 98.88 will continue.

For long term analysis, USDJPY might be forming a cycle top at 101.43 level on weekly chart. Key support is at 93.53, a break below this level will confirm the cycle top.

usdjpy daily chart