Short-Term USD/JPY Daily Analysis – January 6, 2014

USDJPY stays within a upward price channel on 4-hour chart, and remains in uptrend from 96.94 (Oct 25, 2013 low), the fall from 105.44 could be treated as consolidation of the uptrend.

YenSupport is located at the lower line of the channel, as long as the channel support holds, the uptrend could be expected to resume, and one more rise towards 110.00 is possible. On the downside, a clear break below the channel support will signal completion of the uptrend, then the following downward movement could bring price back to 95.00 zone.

 

usdjpy chart
Content curiosity of FOREXCycle

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