USDJPY Analysis – February 20, 2010

USDJPY broke above the falling price channel on daily chart and bounced sharply to as high as 92.14, suggesting that a cycle bottom has been formed at 88.57 level. Another rise towards 95.00 is now in favor. Support is at 90.50, as long as this level holds, uptrend from 88.57 could be expected to continue.

For long term analysis, USDJPY has formed a cycle bottom at 84.82 level on weekly chart. Bounce towards 100.00 area is expected after consolidation.

usdjpy daily chart