USDJPY Analysis – February 16, 2013

USDJPY’s upward movement from 77.14 extends to as high as 94.43. Further rise could be expected after a minor consolidation, and next target would be at 95.00-96.00 area. Support is at the upward trend line on daily chart, only a clear break below the trend line support will indicate that a cycle top has been formed, and the uptrend from 77.14 has completed, then deeper decline to 85.00 area could be seen.

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