USDJPY Analysis – April 21, 2012

USDJPY stays below a downward trend line on daily chart, and remains in downtrend from 84.17. As long as the trend line resistance holds, downtrend could be expected to continue next week, and next target would be at 80.00 area. On the other side, a clear break above the trend line will indicate that a cycle bottom has been formed at 80.31, and the fall from 84.17 has completed, then further rise to 83.00 area could be seen.

For long term analysis, USDJPY has formed a cycle top at 84.17 on weekly chart. Pullback to 78.00 area would likely be seen over the next several weeks.

usdjpy daily chart