USDJPY Analysis – Sep 6, 2008

USDJPY might be forming a cycle bottom at 105.52 on daily chart. Rebound to test 110.66 previous high resistance is now in favor in next several days. Initial support is at 105.52, below this level will indicate lengthier consolidation is underway and deeper decline would bring price back to test 103.76 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