USDJPY Analysis – Apr 19, 2008

As expected, USDJPY breaks above 102.94 resistance and reaches as high as 104.64. Further rise to 105.50 area to reach the next cycle top on daily chart is still possible next week. Key support is now located at 100.02, a break of this level will confirm the cycle top.

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 in favor.

usdjpy daily chart