USDJPY Daily Analysis – March 3, 2015

USDJPY is facing 120.47 resistance, a break of this level will indicate that the uptrend from 101.06 (Jul 10, 2014 low) has resumed, then the following upward movement could bring price to 125.00 area. However, as long as 120.47 resistance holds, the bounce from 118.23 would possibly be correction of the downtrend from 120.47, another fall to 116.50 area to complete the downward movement is still possible.

usdjpy chart