USDJPY Analysis – Feb 14, 2009

USDJPY is in range trading between 87.12 and 94.61. Further rally is expected to test 94.61 previous high resistance in a couple of weeks. Initial support is located at the rising up trend line on daily chart. As long as the trend line support holds, the uptrend from 87.12 will continue.

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