USDJPY Analysis – June 27, 2009

USDJPY formed a cycle top at 98.88 level on daily chart. Falling down to re-test 93.53 key support is expected next week. A break below this level will signal deeper decline to 90.00 zone. Near term resistance is now at 96.60 followed by 97.20, as long as these levels hold, we’d expect the downtrend from 98.88 to 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