USDJPY Analysis – Jun 28, 2008

USDJPY broke below the price channel support and formed a cycle top at 108.58 on daily chart. Deeper decline to 104.00 area could be seen next week. Key resistance is located at 108.58, only rise above this level will signal resumption of long term up trend.

For long term analysis, USDJPY formed a long term cycle bottom at 95.77 on weekly chart. Further rise to 110.00 to reach next cycle top is in favor.

usdjpy daily chart