USDJPY Analysis – Nov 8, 2008

USDJPY formed a cycle bottom at 90.92 on daily chart. Further rise to test 103.06 resistance could be seen next week. A break above this level will signal further rally towards 108.00 zone. Initial support is at 94.60 and followed by 90.92, only break down below 90.92 will signal resumption of downtrend.

For long term analysis, USDJPY might be forming a long term cycle bottom at 90.92 on weekly chart. Key resistance is located at 103.06, a break of this level will confirm the cycle bottom.

usdjpy daily chart

usdjpy weekly chart