The demand at USDJPY has had very successful week. For 5 days this currency pair has overcome declines which occurred after Brexit decision. However, there may be some problems with further upward movement. Since the beginning of January 2016 USDJPY has been moving in sharp downtrend channel and the price has reached below upper limit of that channel.

Nearest resistance is located at 106.50 and a little higher there is last mentioned area (we can’t define it precisely because of the big time-frame). Nearest supports are located at: 105.70, 104.90, 103.90. If after the correction or the consolidation mentioned resistance breaks, then it will occur new strong upward movement of USDJPY.

USDJPY_H4

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USDJPY_W1

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