USDJPY Analysis – March 17, 2012

USDJPY’s upward movement extended to as high as 84.17. Further rise to test 85.51 (Apr 6, 2011 high) resistance could be expected next week. Support is at 82.50, only breakdown 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