USDJPY Analysis – August 25, 2012

USDJPY has formed a cycle top at 79.65 on daily chart. Deeper decline to test 77.66 support would likely be seen next week, a breakdown below this level will indicate that the downtrend from 84.17 has resumed, then further decline to 76.00 area could be seen. However, as long as 77.66 support holds, another rise to test 80.61 key resistance is still possible.

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