USDJPY Analysis – December 29, 2012

USDJPY’s upward movement from 77.14 extends to as high as 86.63. Further rise could be expected after consolidation, and next target would be at 88.00 area. Support is at 85.50 followed by 84.50, as long as these levels hold, the uptrend will continue.

For long term analysis, USDJPY had formed a cycle bottom at 77.14 on weekly chart. Further rise to 90.00 area is possible over the next several weeks.

usdjpy daily chart