USDJPY Daily Analysis – January 7, 2014

USDJPY is facing the support of the price channel on 4-hour chart. As long as the channel support holds, the uptrend from 96.94 (Oct 25, 2013 low) could be expected to resume, and one more rise towards 110.00 is still possible. On the downside, a clear break below the channel support will indicate that the uptrend from 96.94 had completed at 105.44 already, then the following downward movement could bring price back to 95.00 zone.

usdjpy chart