USDJPY Analysis – May 8, 2010

USDJPY drops sharply to as low as 88.25, the subsequent bounce suggests that a cycle bottom has been formed on daily chart. Another rise towards 94.98 would more likely be seen after a minor consolidation, a break above this level will indicate that the uptrend from 84.82 has resumed, then further rally could be seen to 100.00 area.

For long term analysis, USDJPY is in bullish movement from 84.82, further rise towards 100.00 could be seen in next several weeks.

usdjpy daily chart