USDJPY Daily Analysis – July 1, 2014

USDJPY remains in downtrend from 102.79, the rise from 101.23 is likely consolidation of the downtrend. Resistance is at 101.85, as long as this level holds, the downtrend could be expected to continue, and next target would be at 100.90 area. Only break above 101.85 resistance will indicate that the downtrend had completed at 101.23 already, then the following upward movement could bring price to 103.50 zone.

usdjpy chart