USDJPY Analysis – Jul 16, 2008

USDJPY broke below 104.98 support and is now in down trend. Deeper decline is possible to 100.00 area. Key resistance is now located at 107.75, only rise above this level will signal resumption of long term up trend.

For long term analysis, USDJPY might be forming a long term cycle top at 108.58 on weekly chart. Pullback to retest 95.77 (Mar 17 low) support is now in favor.

usdjpy daily chart

usdjpy weekly chart