USDJPY Daily Analysis – February 13, 2014

USDJPY is testing the resistance of the upper line of the price channel on 4-hour chart. A clear break above the channel resistance will indicate that the downtrend from 105.44 had completed at 100.75 already, then the following upward movement could bring price to 110.00 area. On the downside, as long as the channel resistance holds, the rise from 100.75 could be treated as consolidation of the downtrend from 105.44, another fall towards 95.00 could be expected.

usdjpy chart