USDJPY Analysis. Jan 20, 2008

USDJPY fell below 107.21 previous low and down trend resumed. Further fall towards 105.00 area is still possible next week. Near term resistance is at 110.10, as long as this resistance holds, down trend will continue.

For long term analysis, USDJPY is in long term bearish movement, and further fall towards 101.65 (Jan 21, 2005 low) to reach the next cycle bottom on weekly chart is expected.

usdjpy daily chart