USDJPY Analysis – September 29, 2012

USDJPY stays below a downward trend line on daily chart, and remains in downtrend from 84.17, and the price action from 77.66 is treated as consolidation of the downtrend, further decline towards 76.00 is still possible after consolidation. On the upside, a clear break above the trend line resistance will indicate that the downward movement from 87.17 had completed at 77.14 already, then the following upward movement could bring price back to 82.00-83.00 area.

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