USDJPY Weekly Analysis – August 24, 2014

USDJPY broke above 104.12 resistance. Further rise to test 105.44 resistance would likely be seen, a break of this level will signal resumption of the long term uptrend from 75.57 (Oct 31, 2011 low), then next target would be at 110.00 area. Support is at 102.90, a breakdown below this level will indicate that lengthier consolidation of the uptrend is underway, then sideways movement could be expected to continue.

usdjpy chart