USDJPY Weekly Analysis – July 12, 2015

USDJPY remains in the long term uptrend from 75.57 (Oct 31, 2011), the fall from 125.85 is likely consolidation of the uptrend. Support is located at the bottom of the price channel on daily chart. As long as the channel support holds, the uptrend could be expected to resume, and another rise towards 130.00 is still possible after consolidation. On the downside, a clear break below the channel support will indicate that the long term uptrend had completed at 125.85 already, then the following downward movement could bring price to 100.00 zone.

usdjpy chart