USDJPY Daily Analysis – May 8, 2014

Being contained by 101.32 support, USDJPY rebounded from 101.43. However, another fall to re-test 101.32 support is still possible, 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 at 102.00, only break above this level will indicate that lengthier sideways movement in a range between 101.32 and 103.02 is underway.

usdjpy chart