USDJPY Weekly Analysis – January 5, 2014

USDJPY stays within a upward price channel on daily chart, and remains in uptrend from 96.57. Support is located at the lower line of the channel. As long as the channel support holds, the uptrend could be expected to continue, and next target would be at 107.00 area. However, a clear break below the channel support will indicate that the upward move from 96.57 is complete, then the following downward movement could bring price back to 95.00 zone.

usdjpy chart