USDJPY Weekly Analysis – February 8, 2014

USDJPY remains in downtrend from 105.44, and the fall extended to as low as 100.75. Further decline would likely be seen in a couple of weeks, and next target would be at 98.00 area. Initial resistance is located at the upper line of the price channel on daily chart, as long as the channel resistance holds, the downtrend will continue. Key resistance is at 105.44, only break above this level could trigger another rise towards 110.00.

usdjpy chart