USDJPY Analysis – May 29, 2010

USDJPY traded in a range between 88.14 and 94.98 for several months. Another rise towards 94.98 would more likely be seen in a couple of weeks, a break above this level will indicate that the uptrend from 84.82 has resumed, then next target would be at 100.00 area. Key support is at 88.14, a breakdown below this level will suggest that the fall from 94.98 is resumption of long term downtrend from 124.16 (2007 high), then deeper decline could be seen to 80.00 or even lower.

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