USDJPY Analysis – March 3, 2013

USDJPY broke below the upward trend line on daily chart, suggesting that lengthier consolidation of the uptrend from 77.14 is underway. Range trading between 90.00 and 94.54 would likely be seen over the next several days. As long as 90.00 support holds, we’d expect uptrend to resume, and another rise towards 100.00 is still possible. On the downside, a breakdown below 90.00 will indicate that the uptrend from 77.14 has completed at 94.54 already, then the following downward movement could bring price to 85.00 zone.

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