USDJPY Weekly Analysis – January 31, 2015

USDJPY moved sideways in a trading range between 115.56 and 121.84. As long as 115.56 support holds, the sideways movement could be treated as consolidation of the uptrend from 101.06 (Jul 10, 2014 low), another rise towards 130.00 could be expected after consolidation. On the downside, a breakdown below 115.56 support will indicate that lengthier consolidation for the uptrend is underway, then deeper decline to 112.00 area could be seen.

usdjpy chart