USDJPY Analysis – Jan 10, 2009

USDJPY is forming a cycle top at 94.61 level on daily chart. Key support is located at 89.72, a break below this level will confirm the cycle top, and then the following downtrend will take price back to retest 87.13 previous low support.

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