USDJPY Daily Analysis – February 6, 2014

USDJPY remains in downtrend from 104.92, the rise from 100.75 is likely consolidation of the downtrend. Resistance is located 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 next target would be at 99.00 area. Only a clear break above the channel resistance could signal completion of the downtrend.

usdjpy chart