USDJPY Analysis – October 20, 2012

USDJPY breaks above the downward trend line on daily chart, suggesting that the downward movement from 84.17 had completed at 77.14 already. Further rally could be expected next week, and next target would be at 80.00 area. Support is now at 78.40, only break below this level could trigger another fall towards 75.75.

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