USDJPY Analysis – January 29, 2011

USDJPY moved sideways in a range between 80.30 and 84.50. Support is at 81.85, a breakdown below this level could trigger another fall towards 80.30 previous low. However, as long as 81.85 support holds, one more rise to 85.50 area to reach next cycle top is still possible.

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