USDJPY Analysis – January 23, 2010

USDJPY’s fall from 93.75 extends to as low as 89.78 level. Deeper decline is still possible next week and next target would be at 89.00 or even 88.00. Resistance is at 91.00, as long as this level holds, the fall from 93.75 could be expected to continue.

For long term analysis, USDJPY has formed a cycle bottom at 84.82 level on weekly chart. Bounce towards 100.00 area is expected in next several weeks.

usdjpy daily chart