USDJPY Analysis – Jan 24, 2009

After touching 87.13 previous low, USDJPY rebounds sharply to 89.50 area. Deeper decline is still in favor after consolidation. Near term support is at 87.13, a break below this level will indicate that the downtrend from 94.61 has resumed, and the next target would be at 84.00 zone.

For long term analysis, USDJPY is in long term bearish movement. Further fall could be seen to test 79.75 (1995 low) support.

usdjpy daily chart