USDJPY Analysis – Aug 24, 2008

USDJPY is forming a sideways consolidation in a range between 108.13 and 110.66. Rebound from 108.13 could possibly be resumption of up trend. Further rise to 112.00 level is now in favor. Initial support is at 108.13, a break of this level will indicate that a cycle top on daily chart has been formed at 110.66 level, and then pullback could be seen to retest 103.76 previous low support.

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