USDJPY Analysis, Daily Forex Analysis, July 27th 2010

By IBTimes Staff Reporter | July 26 2010 9:38 PM

USDJPY is forming a cycle top at 87.71 level on 4-hour chart, key support is at 86.26, a breakdown below this level will confirm the cycle top and indicate that the downtrend from 94.98 (May 5 high) has resumed, then another fall towards 84.82 (2009 low) could be seen. Only rise above 87.71 could trigger another rise to 88.00-88.50 area.

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