USDJPY Weekly Analysis – January 12, 2014

USDJPY remains in uptrend from 96.57, the fall from 105.44 could be treated as consolidation of the uptrend. Initial support is located at the lower line of the price channel on daily chart, as long as the channel support holds, the uptrend could be expected to resume, and another rise towards 110.00 is still possible. On the downside, a clear break below the channel support will indicate that the upward movement from 96.57 is complete, then the following downward move could bring price to 95.00 zone.

usdjpy chart