USDJPY Analysis – Jul 9, 2008

USDJPY formed a cycle bottom at 104.98 on daily chart. Further rise is expected to test 108.58 previous high resistance, a break above this level will confirm the resumption of uptrend, and next target would be at 111.00. Initial support is at the lower boundary of the price channel and followed by 104.98, only fall below 104.98 level will turn price back to 103.00 area.

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