USDJPY Analysis – Apr 2, 2008

USDJPY rises sharply to as high as 102.15 after consolidation. Further rally to test 103.59 resistance is expected in the next several days. Key support is now located at 98.55, only break of this level will signal the resumption of the long term down trend.

For long term analysis, USDJPY broke below the long term support at 101.65 (Jan 2005 low). Further fall to 90.00 area to reach the next cycle bottom on weekly chart is still in favor.

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usdjpy daily chart