USDJPY Daily Analysis – December 17, 2013

USDJPY remains in uptrend from 96.94 (Oct 25 low), the fall from 103.92 could be treated as consolidation of the uptrend. Support is located at the lower line of the price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to resume, and next target would be at 105.00 area. On the downside, a clear break below the channel support will indicate that lengthier consolidation of the uptrend from 96.57 (Oct 8 low) is underway, then the pair will find support around 101.50 zone.

usdjpy daily chart