USDJPY Analysis – July 2, 2011

USDJPY traded in a range between 79.58 and 82.22 for several weeks. The price action in the range is treated as consolidation of downtrend from 85.51. Another fall to 78.00 would likely be seen after consolidation, and a breakdown below 79.58 will signal resumption of downtrend.

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