USDJPY Daily Analysis – February 28, 2014

USDJPY stays in a trading range between 101.38 and 102.82. As long as 101.38 support holds, the price action in the range could be treated as consolidation of the uptrend from 100.75, another rise to 103.50 area to complete the upward movement is still possible. On the downside, a breakdown below 101.38 will indicate that the uptrend from 100.75 is complete, then the following downward movement could bring price back to 98.00 zone.

usdjpy chart