USDJPY Weekly Analysis – January 17, 2016

USDJPY is testing 116.13 support, as long as this level holds, the price action from 125.85 (Jun 5, 2015 high) could be treated as consolidation of the long term uptrend from 75.57 (Oct 31, 2011 low), and further rise to 135.00 area is still possible after consolidation. On the downside, a breakdown below 116.13 support will indicate that the long term uptrend had completed at 125.85 already, then the following downward movement could bring price to 105.00 zone.

usdjpy chart