USDJPY Analysis – May 22, 2010

USDJPY’s fall from 93.62 extends to as low as 88.98 level. As long as 88.14 key support holds, we’d expect uptrend to resume and another rise towards 94.98 is still possible. Resistance is now at 91.00, a break above this level could signal resumption of uptrend, only break below 88.14 level could trigger another fall to 80.00 area.

For long term analysis, USDJPY is in bullish movement from 84.82, as long as 88.14 support holds, another rise towards 100.00 is still possible in next several weeks.

usdjpy daily chart