USDJPY Analysis – August 18, 2013

USDJPY stays within a downward price channel on daily chart, and remains in downtrend from 101.53. Further decline to test 93.79 key support is still possible, as long as this level holds, the price action from 103.73 could be treated as consolidation of the uptrend from 75.57 (Oct 31, 2011 low), another rise towards 110.00 is still possible after consolidation. Initial resistance is located at the upper line of the channel, a clear break above the channel resistance could trigger another rise to test 103.73 resistance.

usdjpy daily chart