USDJPY Daily Analysis – January 30, 2014

USDJPY is facing 101.77 support, a breakdown below this level will signal resumption of the downtrend from 105.44, then next target would be at 100.50 area. However, as long as 101.77 support holds, the consolidation of the downtrend could be expected to continue, and one more rise towards the upper line of the price channel on 4-hour chart is still possible.

usdjpy chart