USDJPY Analysis – Jun 7, 2008

USDJPY is moving to the next cycle top on daily chart, and the cycle top is nearing. Key support is now located at 103.87, a break down below this level will confirm the cycle top, and then pullback to 98.00 area is expected to follow.

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