USDJPY Analysis – December 8, 2012

USDJPY remains in uptrend from 77.14, the fall from 82.83 is treated as consolidation of the uptrend. Another rise towards 86.00 could be expected after consolidation, and a break above 82.83 will signal resumption of the uptrend. Initial support is at 81.65, and the key support is at the upward trend line on daily chart, only a clear break below the trend line support could signal completion of the uptrend.

For long term analysis, USDJPY had formed a cycle bottom at 77.14 on weekly chart. Further rise to 86.00 area is possible over the next several weeks.

usdjpy daily chart