USDJPY Daily Analysis – January 29, 2014

USDJPY’s rise from 101.77 extended to as high as 103.44. However, the rise is likely consolidation of the downtrend from 105.44. Resistance is now at the upper line of the price channel on 4-hour chart. As long as the channel resistance holds, the downtrend could be expected to resume, and another fall towards 95.00 is still possible.

usdjpy chart