USDJPY Analysis – February 3, 2013

USDJPY stays above a upward trend line of daily chart, and remains in uptrend from 77.14, and the rise extends to as high as 92.95. Further rise is still possible after a minor consolidation, and next target would be at 94.00-95.00 area. Initial support is at 91.30, and the key support is located at the trend line, only a clear break below the trend line could signal completion of the uptrend.

For long term analysis, USDJPY had formed a cycle bottom at 77.14 on weekly chart. Further rise towards 100.00 is possible over the next several weeks.

usdjpy daily chart