USDJPY Analysis – Mar 12, 2008

USDJPY is forming a cycle bottom at 101.41 level, key resistance is at 104.17, a break of this level will confirm the cycle bottom and consolidation to the down trend could be seen in the next two weeks. Near term support is at 101.41, only breakdown below this level will signal the resumption of the down trend.

For long term analysis, USDJPY broke below the long term support at 101.65 (Jan 2005 low). Further fall to 95.00 area 95.00 area to reach the next cycle bottom on weekly chart is now in favor.

usdjpy daily chart