USDJPY Analysis – December 5, 2009

After touching the lower border of the falling price channel on daily chart, USDJPY rebounded sharply from 84.82 level, suggesting that a cycle bottom has been formed. Now the pair is testing the resistance of the upper border of the price channel, if gives way, next target would be at 92.32 key resistance, above this level will indicate that the fall from 101.43 has completed at 84.82 level already, then the following uptrend could bring price to 99.00-100.00 area.

For long term analysis, USDJPY might be forming a cycle bottom at 84.82 level on weekly chart, key resistance is at 92.32, above this level will confirm the cycle bottom.

usdjpy daily chart

usdjpy weekly chart