USDJPY Daily Analysis – January 20, 2014

USDJPY failed to break above 105.44 resistance and pulled back from 104.92, indicating that lengthier sideways movement in a range between 102.85 and 105.44 is underway. Resistance is now at 104.92, a break above this level could signal resumption of the uptrend from 96.57 (Oct 8, 2013 low), then the target would be at 110.00. On the downside, a breakdown below 102.85 support will indicate that that the uptrend from 96.57 had completed at 105.44 already, then the following downward movement could bring price back to 95.00 zone.

usdjpy chart