USDJPY Analysis – May 16, 2010

USDJPY formed a cycle bottom at 88.25 level on daily chart. Further rise to test 94.98 resistance could be seen after a minor consolidation, a break above this level will trigger another rise to 100.00 area. Support is at 91.60 follow by 90.30.

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