USDJPY Analysis – Nov 30, 2008

USDJPY might be in up trend, and the fall from 100.54 is treated as correction to up trend. As long as 90.92 previous low support holds, we’d expect up trend to resume, and a break of 97.43 will confirm the resumption of up trend. Only break down below 90.92 key support will signal deeper decline towards 87.00 zone.

For long term analysis, USDJPY might be forming a long term cycle bottom at 90.92 on weekly chart. Key resistance is located at 100.54, a break of this level will confirm the cycle bottom.

usdjpy daily chart