USDJPY Analysis – February 23, 2013

USDJPY stays above a upward trend line on daily chart, and remains in uptrend from 77.14, the fall from 94.43 is likely consolidation of the uptrend. Support is at the trend line, as long as the trend line support holds, the uptrend could be expected to resume, and another rise towards 100.00 is still possible. Key support is located at 92.00, only break below this level will indicate that the uptrend from 77.14 had completed at 94.43 already, 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