USDJPY Weekly Analysis – July 5, 2014

USDJPY moved sideways in a range between 100.75 and 104.12 for several months. As long as 100.75 support holds, the sideways movement could be treated as consolidation of the uptrend from 93.79 (Jun 13, 2013 low), one more rise to 110.00 area is still possible after consolidation. On the downside, a breakdown below 100.75 support will signal completion of the uptrend, then next target would be at 97.00 area.

usdjpy chart