USDJPY Analysis – July 6, 2013

USDJPY’s upward movement from 93.79 extends to as high as 101.22. Further rise to test 103.73 previous high resistance would likely be seen next week, a break above this level could signal resumption of the long term uptrend from 77.57 (Oct 31, 2011 low). However, as long as 103.73 resistance holds, lengthier sideways consolidation in a range between 93.79 and 103.73 could be expected, and one more fall to 95,00 to complete the consolidation is possible.

usdjpy daily chart