USDJPY Analysis – June 1, 2013

USDJPY’s fall from 103.73 extends to as low as 100.22. Deeper decline is still possible next week, and the target would be at 98.00 – 99.00 area. Key support is located at 97.00, as long as this level holds, the fall could be treated as consolidation of the uptrend from 77.14 (Sep 13, 2012 low), one more rise towards 110.00 is still possible after consolidation.

For long term analysis, USDJPY is in uptrend from 77.14. Further rise towards 110.00 is possible over the next several weeks.

usdjpy daily chart