USDJPY Analysis – March 20, 2010

USDJPY traded in a narrow range between 89.63 and 91.08 for several days. Now the price action in the trading range is more likely consolidation of uptrend from 84.82. As long as 89.63 support holds, another rise to test 92.14 resistance could be expected after consolation. However, below 89.63 level will suggest that the bounce from 88.14 has completed at 91.08 already, then another fall towards 87.00 could be seen to follow.

For long term analysis, USDJPY formed a cycle top at 93.75 level on weekly chart. Fall towards 84.82 previous low is expected.

usdjpy daily chart