USDJPY Analysis – Sep 20, 2008

USDJPY formed a cycle bottom at 103.54 on daily chart. Further rise is still possible to test 109.18 resistance, and sideways consolidation in a range between 103.54 and 110.66 could be seen in a couple of weeks.

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