USDJPY formed a short term cycle bottom at 94.47 level

16 November 2008 @ 08:27 pm EDT

USDJPY formed a short term cycle bottom at 94.47 level, and the rebound is treated as resumption of up trend. As long as 94.47 support holds, further rally is still possible to test 100.54 previous high resistance, a break above this level will confirm that the fall from 110.66 (Aug 15 high) has completed. Key support is now located at 94.47, only fall below this level will signal deeper decline to retest 90.92 support.

For more forex information, go to www.forexcycle.com

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