USDJPY Weekly Analysis – May 14, 2017

USDJPY moved above the top trend line of the price channel on daily chart, indicating that the bearish movement from 118.66 had completed at 108.13 already. Further rally could be expected after correction and next target would be at 120.00 area. Near term support is at 112.00, a breakdown below this level will suggest that correction of the uptrend is underway, then the following pullback could bring price back to 110.00 zone.

USDJPY chart