USDJPY Daily Analysis – January 24, 2014

USDJPY is facing 102.85 support, a breakdown below this level will indicate that the uptrend from 96.57 (Oct 8, 2013 low) had completed at 105.44 already, then the following downward movement could bring price back to 95.00 zone. On the upside, as long as 102.85 support holds, the price action from 105.44 could be treated as consolidation of the uptrend from 96.57, one more rise towards 110.00 is still possible after consolidation.

usdjpy chart