USDJPY Analysis – Feb 17, 2008

USDJPY formed a cycle bottom at 104.96 level on daily chart, and the rise from 104.96 extended to as high as 108.59. Further rebound towards 112.50 area to reach the next cycle top on daily chart is still possible next week. Key support is at 104.96, only breakdown of this level will signal the resumption of the down trend.

For long term analysis, USDJPY is in long term bearish movement, and further fall towards 101.65 (Jan 21, 2005 low) to reach the next cycle bottom on weekly chart is expected.

usdjpy daily chart