USDJPY Analysis – August 18, 2012

USDJPY breaks above the upper line of the price channel on daily chart, suggesting that a cycle bottom has been formed at 77.92, and the downtrend from 80.61 has completed. Further rise could be expected next week, and next target would be at 80.50 area. Support is now at 79.00, only break below this level could trigger another fall towards 75.00.

For long term analysis, USDJPY may be forming a cycle bottom at 77.66 on weekly chart. Key resistance is at 80.61, a break above this level could trigger another rise towards 90.00.

usdjpy daily chart
usdjpy weekly chart