USDJPY Analysis – Apr 26, 2008

USDJPY breaks above 104.64 and up trend resumes. Further rally to 107.00 area is possible next week. Initial support is at 102.67, as long as this level holds, up trend will continue. Key support is at 100.02, only break of this level will signal the resumption of the long term down 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