USDJPY Analysis – January 15, 2011

USDJPY formed a cycle bottom at 80.93 level on daily chart. The price action from 80.30 is treated as consolidation of downtrend from 94.98. Further rise towards 85.50 area to complete the consolidation would likely be seen.

For long term analysis, USDJPY is in consolidation of downtrend. Further rally is possible in next several weeks and target would be at 85.50 area.

usdjpy daily chart