USDJPY Analysis – Jul 19, 2008

USDJPY rebound sharply from 103.76 and reached 107.09 high. Moving higher to test 108.58 is still possible next week, a break of this level will signal further rally to 112.00 level. Initial support is at 103.76, only fall below this level will pull price back to 100.00 area.

For long term analysis, USDJPY might be forming a long term cycle top at 108.58 on weekly chart. However, a break below 102.58 long term key support is needed to confirm the cycle top.

usdjpy daily chart