USDJPY Analysis – September 2, 2012

USDJPY is facing 77.92 support, a breakdown below this level will indicate that the downtrend from 84.17 has resumed, then further decline to 76.00 area could be expected. Key resistance is now at 79.65, only break above this level could indicate that lengthier sideways movement in a range between 77.66 and 80.61 is underway.

For long term analysis, USDJPY remains in downtrend from 84.17. Further decline towards 75.75 (Oct 31, 2011 low) previous low could be expected over the next several weeks.

usdjpy daily chart