USDJPY Daily Analysis – December 23, 2013

USDJPY stays within a upward price channel on 4-hour chart, and remains in uptrend from 96.94 (Oct 25 low), the fall from 104.63 is likely consolidation of the uptrend. Key support is located at the lower line of the channel, as long as the channel support holds, the uptrend could be expected to resume, and another rise towards 110.00 is still possible. Only a clear break below the channel support could signal completion of the uptrend.

usdjpy chart