USDJPY Daily Analysis – December 5, 2014

USDJPY continued its upward movement from 105.32 (Oct 15 low), and the rise extended to as high as 120.24. Near term support is at the bottom of the price channel on 4-hour chart. As long as the channel support holds, the uptrend could be expected to continue, and next target would be at 122.00 area. Key support is at 117.23, only break below this level could signal completion of the uptrend.

usdjpy chart