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USDJPY formed a trading range between 88.01 and 92.32

Franco Shao from ForexCycle.com at 11/14/09


USDJPY formed a trading range between 88.01 and 92.32. Moving sideways in the range is expected and deeper decline to 88.50 is possible next week. However, rebound would more likely be seen before breaking below 88.01 previous low and another rise to 95.00 is still possible after consolidation. On the down side, the fall from 92.32 could possibly be resumption of downtrend, a break below 88.01 will indicate that the downward trend from 101.43 has resumed, then another fall could take price to retest 87.12 long term support.

For long term analysis, USDJPY might be forming a cycle bottom at 88.01 level on weekly chart. Key resistance is at 92.53, a breakout of this level will confirm the cycle bottom.

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