USDJPY Analysis – Feb 7, 2009

USDJPY continues the sideways consolidation in a range between 87.12 and 94.61. Further rally to test the previous high resistance at 94.61 would more likely be seen next week, 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