USDJPY Analysis – April 24, 2010

USDJPY is forming a cycle bottom at 91.60 level on daily chart. Key resistance is at 94.68, a break above this level will confirm the cycle bottom and indicate that the uptrend from 88.14 has resumed, then another rise towards 98.00 could be expected. Support is now at 91.60, only fall below this level may indicate that lengthier consolidation of uptrend is underway.

For long term analysis, USDJPY is in bullish movement from 84.82, further rise towards 100.00 could be seen in next several weeks.

usdjpy daily chart