USDJPY stays within a upward price channel
February 8, 2013 2:49 am GMT+0 in Forex Analysis
USDJPY stays within a upward price channel on 4-hour chart, and remains in uptrend from 88.06. Support is located at the lower line of the channel, as long as the channel support holds, the uptrend could be expected to continue after a minor consolidation, and next target would be at 95.00 area. On the downside, a clear break below the channel support will indicate that consolidation of the longer term uptrend from 79.07 (Nov 9, 2012 low) is underway, then deeper decline to 91.00 area to complete the consolidation could be seen.