USDJPY Analysis – Apr 9, 2008

USDJPY traded in a narrow range between 101.45 and 102.94 in the last few days. Further rise to 105.00 area to reach the next cycle top on daily chart is still in favor after consolidation. Key support is located at 98.55, only break below 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.

usdjpy daily chart