09.01.2015 - The price of USD/JPY declines within the local channel

The price of USD/JPY started to correct after reaching a level of 120.00 and the upper limit of the local descending channel. At the moment, quotations approached the level of support at 119.00 and may continue reduction within the channel with the objectives at 118.00 and 117.40. In case of breaking through the upper boundary of the channel and overcoming the level of 120.00, which is the nearest local maximum, we recommend to open long positions with the short-term targets at 120.75 and 122.00. Our medium-term outlook remains positive, but we do not exclude the fall in the coming weeks.

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