USDJPY Analysis – September 17, 2011

USDJPY may be forming a cycle top at 77.85 on daily chart. Another fall to test 75.96 key support would likely be seen next week, a breakdown below this level will signal resumption of the long term downtrend from 124.16 (2007 high).

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

usdjpy daily chart