USDJPY Analysis – April 1, 2012

USDJPY formed a cycle top at 84.17 on daily chart, and is now in correction of the uptrend from 76.02. Pullback to 80.00-81.00 area to complete the correction would likely be seen in a couple of weeks. Key resistance is at 84.17, only break above this level could signal resumption 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