USDJPY Daily Analysis – May 5, 2014

USDJPY breaks below 101.96 support, indicating that the upward movement from 101.32 had completed at 103.02 already. Deeper decline to test 101.32 support could be expected, a breakdown below this level will signal resumption of the downtrend from 104.12, then the following downward movement could bring price to 96.00 area. Resistance is now at 102.45, only break above this level could trigger another rise towards 104.50.

usdjpy chart