USDJPY Daily Analysis – April 15, 2014

Being contained by 101.20 support, USDJPY rebounded from 101.32, indicating that consolidation of the downtrend from 104.12 is underway. Range trading between 101.32 and 102.40 would likely be seen in a couple of days. Resistance is at 102.40, as long as this level holds, the downtrend could be expected to resume, and next target would be at 100.50 area. Only break above 102.40 resistance could trigger another rise to 104.50 area.

usdjpy chart