USDJPY Analysis – May 28, 2011

USDJPY is forming a cycle top at 82.22 on daily chart. Deeper decline towards 79.58 support would likely be seen next week, a breakdown below this level could trigger another fall towards 76.40 previous low. Resistance is at 82.22, only break above this level could indicate that lengthier consolidation of downtrend from 85.51 is underway, then next further rally could be seen to 83.00-83.50 area.

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