USDJPY Analysis – February 27, 2010

USDJPY dropped sharply from 92.14, suggesting that a cycle top has been formed on daily chart. Another fall towards 84.82 previous low is now in favor and a breakdown below 88.57 support will confirm such case.

For long term analysis, USDJPY is forming a cycle top at 93.75 level on weekly chart, key support is at 88.57, a break below this level will confirm the cycle top.

usdjpy daily chart

usdjpy weekly chart