USDJPY Daily Analysis – February 3, 2014

USDJPY continues its sideways movement in a range between 101.77 and 103.44. Key resistance is located at the upper line of the price channel on 4-hour chart. As long as the channel resistance holds, the downtrend from 105.44 could be expected to resume, and next target would be at 100.00 area. Only a clear break above the channel resistance could signal completion of the downtrend.

usdjpy chart