USDJPY Weekly Analysis – May 4, 2014

USDJPY moved sideways in a range between 100.75 and 105.44. As long as 100.75, support holds, the price action from 105.44 could be treated as consolidation of the uptrend from 93.79 (Jun 13, 2013 low), one more rise to 110.00 is still possible after consolidation. On the downside, a breakdown below 100.75 support will indicate that the uptrend had completed at 105.44 already, then the following downward movement could bring price to 0.9600 zone.

usdjpy chart