USDJPY Analysis – December 22, 2012

USDJPY remains in uptrend from 77.14. Another rise could be expected after a minor consolidation, and next target would be at 86.00 area. Support is now at 83.00, as long as this level holds, the uptrend will continue, only a breakdown below 83.00 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