USDJPY Analysis – Apr 23, 2008

USDJPY might be forming a cycle top at 104.64 on daily chart. Initial support is at the rising price channel and key support is at 100.02, a break of this level will confirm the cycle top and deeper decline to test 95.77 is expected to follow. Near term resistance is at 104.64, only break above this level will signal the resumption of the up 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 in favor.

usdjpy daily chart