USDJPY Analysis – Jul 26, 2008

USDJPY broke above 107.75 resistance, and formed a cycle bottom at 103.76 on daily chart. Further rise towards 112.00 is expected to follow in a couple of week. Key support is now located at 103.76, only fall below this level will signal resumption of down trend.

For long term analysis, USDJPY is in consolidation to long term up trend. Further rise towards 120.00 is now in favor. However, a break of 108.58 level is needed to confirm such case.

usdjpy daily chart