USDJPY Analysis – May 24, 2008

Bing contained by 102.58 support, USDJPY rebounds from 102.73 level. Sideways consolidation is expected in a range between 102.58 and 105.70 next week, and break above 105.70 previous high to reach the next cycle top on daily chart is still in favor after consolidation.

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 possible.

usdjpy daily chart