USDJPY's fall extended to 88.57
Franco Shao from ForexCycle.com at 02/06/10
USDJPY stays in a falling price channel and remains in downward
movement from 93.75. Another fall is still possible next week and target
would be at 88.00 area. Resistance is now at the upper border of the
channel, as long as channel resistance holds, downtrend could be
expected to continue. However, next cycle bottom on daily chart is
nearing, bounce back to 92.00 area would more likely be seen after
touching 88.00 level, and a clear break above the channel resistance
will confirm the cycle bottom.
For long term analysis, USDJPY has formed a cycle bottom at 84.82 level
on weekly chart. Bounce towards 100.00 area is expected after
consolidation.