USDJPY Analysis – Sep 14, 2008

USDJPY traded in range between 105.52 and 109.18 for several days. Rise to test 110.66 is still in favor, and a break above 109.18 is needed to confirm the resumption of up trend. Initial support is located at 105.52, a break down 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