USDJPY Analysis – August 12, 2012

USDJPY stays in a downward price channel on daily chart, and remains in downtrend from 80.61. Another fall could be expected after a minor consolidation, and next target would be at 77.00 area. Key resistance is at 79.15, only break above this level could signal completion of the downtrend.

For long term analysis, USDJPY has formed a cycle top at 84.17 on weekly chart. Pullback to 75.00 area would likely be seen over the next several weeks.

usdjpy daily chart