USDJPY Analysis, Jan 5, 2008

USDJPY is testing the previous low support at 107.21, and will find support at 105.00 area if 107.21 level gives way. Consolidation will more likely be seen before breaking below 107.21 level, and as long as this support holds, we’d expected up trend to resume.

For long term analysis, the pair formed a long term cycle bottom at 107.21 on weekly chart, as long as 107.21 support holds, rise towards 124.13 (June 22 high) is still in favor.

usdjpy daily chart