USDJPY Daily Analysis – May 3, 2017

USDJPY stays in a ascending price channel on 4-hour chart and remains in uptrend from 108.13. Near term support is at the bottom of the channel. As long as the channel support holds, the upward movement could be expected to continue, and next target would be at 113.00 area. Key support is at 110.87, only a break below this level will indicate that the upwards movement had completed at 112.30 already, then the pair will find support around 109.50.

USDJPY chart