USDJPY Daily Analysis – May 16, 2017

USDJPY failed to break below the support line of the price channel on 4-hour chart, indicating that the pair remains in uptrend from 108.13. As long as the pair is in the channel, further rise could be expected and next target would be at 115.50 area. Key support is now at 113.16, only a breakdown below this level could signal completion of the uptrend.

USDJPY chart