USDJPY Analysis – January 28, 2012

USDJPY moved sideways in a trading range between 75.57 and 79.52 for several weeks. Another fall to test 75.57 key support would likely be seen next week, a breakdown below this level could signal resumption of the long term downtrend.

For long term analysis, USDJPY had formed a cycle bottom at 75.57 on weekly chart. Further rally towards 85.00 would likely be seen over the next several months.

usdjpy daily chart