USDJPY Analysis – September 3, 2011

USDJPY remains in downtrend from 85.51, the price action from 76.29 is likely consolidation of downtrend. Another rise is expected next week, and target would be at 79.00 zone. Key support is at 75.96, only break below this level could signal resumption of downtrend.

For long term analysis, USDJPY is in downtrend from 124.16 (2007 high). Further fall towards 70.00 could be expected in next several weeks.

usdjpy daily chart