USDJPY Daily Analysis – May 9, 2017

USDJPY failed to break below the support of the price channel on 4-hour chart and continued its upward movement from 108.13. As long as the pair remains in the channel, the upward movement could be expected to continue, and next target would be at 114.00 area. Key support is at 112.08, only a breakdown below this level will confirm that that the upward movement is complete, then the following pullback could bring price back to 110.00 area.

USDJPY chart