USDJPY Analysis – March 23, 2013

USDJPY may be forming a cycle top at 96.70 on daily chart. Pullback to 92.00 – 93.00 area would likely be seen next week. However, the fall from 96.70 would possibly be consolidation of the uptrend from 77.14, one more rise towards 100.00 is still possible after consolidation.

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