USDJPY Analysis – December 15, 2012

USDJPY’s upward movement from 77.14 extends to as high as 83.96. Further rise could be expected next week, and next target would be at 85.00 area. Initial support is at 82.40, and the key support is at the 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