USDJPY Daily Analysis – March 12, 2014

USDJPY remains in uptrend from 101.20, the fall from 103.76 could be treated as consolidation of the uptrend. Range trading between 102.60 and 103.76 would likely be seen in a couple of days. Support is at 102.60, as long as this level holds, the uptrend could be expected to resume, and next target would be at 104.50 area. However, a breakdown below 102.60 support will indicate that the uptrend from 101.20 had completed, then the following downward movement could bring price to 98.00 zone.

usdjpy chart