USDJPY Analysis – March 3, 2012

USDJPY continues its upward movement from 76.02, and the rise extends to as high as 81.86. Support is now at 80.00, as long as this level holds, uptrend could be expected to continue, and next target would be at 83.50 area, only break below 80.00 could signal completion of the uptrend.

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