14.01.2015 - The price of USD/JPY has reached the bottom of the channel

The price of USD/JPY has broken through the strong support level at 117.40 and reached the lower limit of the local descending channel. We can see the price rebound from this level in the near future with the upside potential to 117.40 and 118.00. According to our estimates, quotations will continue the current trend and will reach the level of 116.00. Despite the greater probability of continuation of the price fall in the near future, we keep positive medium-term outlook with the objectives of 122.00 and 125.00 due to soft monetary policy of the Bank of Japan and the strengthening of the US dollar.

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