USDJPY Analysis – Aug 16, 2008

USDJPY is in consolidation to up trend. Pullback to retest 108.36 level is still possible next week. As long as 108.36 support holds, we’d expect up trend to continue and further rise towards 112.00 could be seen after consolidation.

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