USDJPY Daily Analysis – January 21, 2015

USDJPY’s upward movement from 115.85 extended to as high as 118.86. Further rise to test 120.82 resistance is possible, a break of this level will signal resumption of the longer term uptrend from 101.06 (Jul 10, 2014 low), then the following upward movement could bring price to 125.00 area. However, as long as 120.82 resistance holds, the sideways movement in a range between 115.56 and 121.84 could be expected to continue.

usdjpy chart