USDJPY Analysis – Jan 3, 2009

USDJPY breaks above this falling price channel on daily chart. Further rise is expected to 95.00 zone in next several days. Initial support is located at 89.72, a break below this level will indicate that the rebound from 87.13 has terminated.

For long term analysis, USDJPY is in long term bearish movement. The price action from 90.92 is treated as consolidation to down trend. Further fall is expected to test 79.75 (1995 low) support.

usdjpy daily chart