USDJPY Analysis – Mar 7, 2009

USDJPY’s medium term uptrend extend to as high as 99.67 level. Consolidation would more likely be seen before breaking above 100.54 previous high resistance. However, further rise is still possible to 102.00 zone after consolidation. Key support is now located at 95.00, only fall below this level will indicate that the rise from 87.12 has completed at 99.67 level, and then the following downtrend will bring price back to 92.00 zone.

For long term analysis, USDJPY formed a cycle bottom at 87.12 on weekly chart. Further rise to 108.00 zone to reach the next cycle top is now in favor.

usdjpy daily chart