USDJPY Analysis – Aug 9, 2008

As expected, USDJPY broke above 108.58 previous high resistance and reached 110.36 level. Further rise to 112.00 to reach next cycle top on daily chart is still possible next week. Initial support is at 107.28, as long as this support holds, up trend will continue.

For long term analysis, USDJPY formed a long term cycle bottom at 95.77 (Mar 17 low) on monthly chart and is now in long term up trend. Further rise towards 120.00 is in favor.

usdjpy daily chart

usdjpy weekly chart

usdjpy monthly chart