USDJPY Daily Analysis – May 8, 2017

USDJPY stays in a rising price channel on 4-hour chart and remains in uptrend from 108.13. As long as the pair is in the channel, the uptrend could be expected to continue and next target would be at 114.00 area. Key support is now at 112.08, 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