USDJPY Analysis – March 24, 2012

USDJPY has formed a cycle top at 84.17 on daily chart. Further decline would likely be seen, and the target would be at 80.00-81.00 area. As long as 80.00 support holds, the fall from 84.17 is treated as correction of the uptrend from 76.02, and another rise towards 100.00 is still possible after correction.

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