USDJPY Daily Analysis – April 16, 2014

USDJPY failed to break below 101.20 support and rebounded from 101.32. Range treading between 101.32 and 102.40 would likely be seen over the next several days. Resistance is at 102.40, as long as this level holds, the downtrend from 104.12 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