Since last month USDJPY moves in a narrow consolidation between 122.30 – 123.60. Today demand gave up after 4 defenses of support at 122.30 level. Currently return movement to the broken support is very likely. The behavior of price in this area will determine the future direction of the movement. If price will go back to consolidation, movement to 123.60 level should be easy. However if supply will confirm today’s breakout, nearest target of falls is 121.45 level. Further targets for the supply were pointed below on the higher time-frame.

USDJPY-H4

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Wider view, time-frame W1

Since 2012 USDJPY moves in an uptrend. Trend is strong, what is confirmed by the fact that for more than a year uptrend line hasn’t been tested (dotted line on the chart below). If declines will still continue, next strong supports are at levels: area 119.00 (trend line reinforced by support), 116.00 (strong support).

USDJPY-W1

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