USDJPY Weekly Analysis – February 7, 2015

USDJPY continued its sideways movement in a range between 115.56 and 121.84. Support is at 115.56, as long as this level holds, the sideways movement could be treated as consolidation of the uptrend from 101.06 (Jul 10, 2014 low), another rise towards 130.00 could be expected after consolidation. Resistance is at 121.84, a break of this level could signal resumption of the uptrend. However, a breakdown below 115.56 support will indicate that lengthier consolidation for the uptrend is underway, then deeper decline to 112.00 area could be seen.

usdjpy chart