USDJPY Daily Analysis – February 7, 2014

USDJPY is facing the resistance of the upper line of the price channel on 4-hour chart. A clear break above the channel resistance will indicate that consolidation of the downtrend from 105.44 is underway, then the pair will find resistance around 103.00. On the downside, as long as the channel resistance holds, the downtrend from 104.92 could be expected to continue, and next target would be at 99.00 area.

usdjpy chart