USDJPY Analysis – July 11, 2009

USDJPY is testing the support of the lower border of the falling price channel on daily chart. Consolidation is expected next week. However, the pair remains in downtrend from 98.88, deeper decline is still possible after consolidation and the target is at 90.50 zone.

For long term analysis, USDJPY formed a cycle top at 101.43 level on weekly chart. Consolidation in a range between 97.12 and 101.43 is expected in next several weeks.

usdjpy daily chart