USDJPY Daily Analysis – May 5, 2017

USDJPY remains in uptrend from 108.13, the fall from 113.04 would possibly be consolidation of the uptrend. Near term support is at the bottom of the price channel on 4-hour chart. As long as the pair is in the channel, the upward movement could be expected to continue, and next target would be at 114.00 area. Key support is at 111.95, only a breakdown below this level will indicate that the upward movement had completed at 113.04 already, then the following pullback could bring price to 110.00 zone.

USDJPY chart