USDJPY Weekly Analysis – December 14, 2013

USDJPY’s upward movement from 96.57 extended to as high as 103.92. Another rise to test 103.73 resistance could be expected next week, a break above this level will signal resumption of the uptrend from 75.57 (Oct 31, 2011 low), then next target would be at 110.00 area. Initial support is at the lower line of the price channel on daily chart, only a clear break below the channel support will indicate that lengthier consolidation of the uptrend from 75.57 is needed, then pullback to 95.00 area to complete the consolidation could be seen.

usdjpy daily chart