USDJPY breaks above 94.61 previous high resistance, suggesting that a cycle bottom has been formed at 87.12 on daily chart and the fall from 110.60 (Aug 15, 2008 high) has completed. Further rally is now in favor. The next target would be at 98.00 zone. Near term support is located at 91.50, as long as this level hods, we’d expect the uptrend to continue.
For long term analysis, USDJPY formed a cycle bottom at 87.12 on weekly chart. Further rise to 102.00 zone to reach the next cycle top is now in favor.
