USDJPY Analysis – March 10, 2013

After consolidation, USDJPY continues its upward movement from 77.14, and the rise extends to as low as 96.55. Further rise could be expected and next target would be at 98.50 area. Support levels are at 94.00 and 90.93, only break below these levels could signal completion of the 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