USDJPY Analysis – March 10, 2012

USDJPY remains in uptrend from 76.02 and the rise extends to as high as 82.64. The upward movement could be expected to continue in a couple of weeks and next target would be at 85.00 area. Support is now at 81.00, only break below this level 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 100.00 would likely be seen over the next several months.

usdjpy daily chart