USDJPY Daily Analysis – March 2, 2017

USDJPY’s upward movement from 111.68 extended to as high as 114.15. Further rise to test 114.95 resistance is possible in a couple of days. A break of this level will indicate that the downtrend from 118.66 (Dec 15, 2016 high) had completed at 111.59 already, then next target would be at 117.50 area. On the downside, as long as 114.95 resistance holds, the price action from 111.59 would possibly be consolidation of the downtrend and further decline to 111.00 area is still possible.

usdjpy chart