Short Term Analysis - November 28, 2007

USDJPY is in down trend. The fall from 117.93 extended to as low as 107.21. Further fall towards 105.00 is still possible in the next several days. Near term resistance is at the edge of the price channel, and as long as the channel resistance holds, down trend will continue. For long term analysis, USDJPY is in long term bearish movement. Further fall towards 105.00 to reach the next cycle bottom on weekly chart is expected.