USDJPY Analysis – Sep 3, 2008

USDJPY is in consolidation to up trend. Deeper decline is still possible to test the support of the up trend line from 95.77 (Mar 17 low) to 103.76, now at 107.10 level. Key resistance is at 110.66, a break of this level will signal resumption of up trend, and target would be at 113.00-50 area.

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