Daily Forex Analysis – May 14, 2008

20080514_usdjpy_1.gifUSDJPY Analysis.
USDJPY formed a short term cycle bottom at 102.58 level on 4-hour chart. Further rise to test 105.70 resistance is expected and break above this level to reach the next short term cycle top is still possible. Near term support is at 103.35 and key support is at 102.58, only break below the key support will indicate lengthier correction is underway and delay the resumption of the uptrend.

For long term forex analysis.

Get Your Free Elliott Wave Tutorial Now!

See also:
Forex Articles
Forex Reviews
Powerful Profit System
Automate Your Trading Profits
Boost your Profit to Extreme