USDJPY Daily Analysis – April 17, 2014

USDJPY’s bounce from 101.32 extended to as high as 102.36. Range trading between 101.32 and 102.40 would likely be seen in a couple of days. As long as 102.40 resistance holds, the rise could be treated as consolidation of the downtrend from 104.12, another fall to re-test 101.20 support is still possible after consolidation. On the upside, a break above 102.40 resistance will indicate that the downtrend from 104.12 had completed, then the following upward movement could bring price back to 104.50 zone.

usdjpy chart