USDJPY Analysis. Jan 23, 2008

USDJPY’s down trend remains. The fall from 114.77 extended to as low as 105.60, and further fall towards 105.00 area to reach the next cycle bottom on daily chart is still possible after consolidation. Near term resistance is at 107.91, 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