USDJPY Daily Analysis – January 12, 2015

USDJPY is facing 118.05 support, a breakdown below this level will signal resumption of the downtrend from 120.82, then next target would be at 116.50 area. Resistance is located at the top of the price channel on 4-hour chart, a clear break above the channel resistance will indicate that the fall from 120.82 is complete, then the following upward movement could bring price to 125.00 area.

usdjpy chart