USDJPY Daily Analysis – February 5, 2015

USDJPY stays in the downward price channel on 4-hour chart, and remains in short term downtrend from 118.86. However, the downward movement would possibly be consolidation of the longer term uptrend from 115.85, another rise to test 120.82 resistance would likely be seen after consolidation, and a clear break above the channel resistance could signal resumption of the uptrend.

usdjpy chart