USDJPY Analysis – Nov 1, 2008

USDJPY remains in downtrend, and the rebound from 90.92 is treated as correction to down trend. Deeper decline is still possible to 87.00 zone, and a break down below 96.07 will confirm such case. Key resistance is located at 103.06, only rise above this level will indicate that the fall from 110.66 has completed.

For long term analysis, USDJPY breaks below 95.77 (Mar 17 low) long term key support and is back to long term bearish movement. Further decline to 85.00 zone to reach the next cycle bottom on weekly chart is now in favor.

usdjpy daily chart