USDJPY Analysis – March 12, 2011

USDJPY stays in a trading range between 80.30 and 84.50. The price action in the trading range is likely a symmetrical triangle pattern. Downtrend from 94.98 could be expected to resume after breaking below the lower boundary of the pattern.

For long term analysis, USDJPY is in consolidation of downtrend. A break below 80.30 key support could signal resumption of downtrend.

usdjpy daily chart