USDJPY Weekly Analysis – July 26, 2014

USDJPY moved sideways in a narrow range between 100.75 and 104.12 for several months. The price action in the range is likely consolidation of the uptrend from 75.57 (Oct 31, 2011 low). Key support is at 100.75, as long as this level holds, the uptrend could be expected to resume, and one more rise to 110.11 area is still possible. Only a breakdown below 100.75 will indicate that the uptrend had completed at 105.44 already, then deeper decline to 97.00 area could be seen.

usdjpy chart