USDJPY Analysis – April 23, 2011

USDJPY is now in downtrend from 85.51. Deeper decline is still possible in a couple of week, and the target would be at 80.00 area. Resistance is at 83.15, as long as this level holds, downtrend will continue.

For long term analysis, USDJPY is in consolidation of long term downtrend from 124.16 (2007 high). Range trading between 76.40 and 90.00 is expected in next several months.

usdjpy daily chart