USDJPY Analysis – Apr 30, 2008

USDJPY is in consolidation to the up trend. As long as 102.67 holds, we’d expect up trend to resume and further rally to 107.00 area is still in favor after consolidation. 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