USDJPY Analysis – Feb 1, 2009

USDJPY is in range trading between 87.12 and 94.61. Further rally would more likely be seen next week, and the target would be at 93.00 zone. Key resistance is now at 94.61, a break above this level will indicate that the downtrend from 110.66 (Aug 15, 2008 high) has competed.

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