USDJPY Daily Analysis – January 8, 2015

USDJPY moved sideways in a trading range between 118.05 and 120.82. As long as 118.05 support holds, the price action in the range could be treated as consolidation of the uptrend. Resistance is at 120.82, a break of this level will indicate that the uptrend has resumed, then next target would be at 1.2500 area. However, a breakdown below 118.05 support will indicate that the uptrend had completed at 120.82 already, then deeper decline to 115.00 area could be seen.

usdjpy chart