USDJPY Analysis – November 21, 2009

USDJPY is moving to 88.01 previous low, however, this level would more likely be held and another rise towards 94.00 is expected before breaking below 88.01 level. On the down side, below 88.01 could signal deeper decline to test 87.12 (Jan 21 low) long term support.

For long term analysis, USDJPY might be forming a cycle bottom at 88.01 level on weekly chart. Key resistance is at 92.53, a breakout of this level will confirm the cycle bottom.

usdjpy daily chart