USDJPY Analysis – May 1, 2010

USDJPY stays in a trading range between 91.60 and 94.68. Lengthier consolidation in the range is still possible in a couple of weeks. As long as 91.60 support holds, we’d expect uptrend from 88.14 to resume and another rise towards 100.00 could be seen after breaking above 94.68 resistance. However, a breakdown below 91.68 will indicate that the rise from 88.14 has completed at 94.68 already, then deeper decline could be seen to 89.00-90.00 area.

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