USDJPY Analysis – Feb 21, 2009

USDJPY is testing the previous high resistance at 94.61. Consolidation would more likely be seen before breaking above this level. However, a break of this level will indicate that the downtrend from 110.66 (Aug 15, 2008 high) has completed, and the following uptrend will take price to 100.00 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