USDJPY Daily Analysis – December 18, 2013

USDJPY stays within a upward price channel on 4-hour chart, and remains in uptrend from 96.94 (Oct 25 low), the fall from 103.92 could be treated as consolidation of the uptrend. Support is located at the lower line of the channel, as long as the channel support holds, the uptrend could be expected to resume, and another rise to 105.00 area is still possible. On the downside, a clear break below the channel support will indicate that the uptrend from 96.94 had completed at 103.92 already, then the following downward movement could bring price back to 95.00 zone.

usdjpy daily chart