23.05.2014 - USD/JPY was unable to exit the channel

The price of USD/JPY has reached the upper limit of the downward channel amid strengthening of the U.S. dollar, but could not overcome it and started to correct downwards. In case of continued downward movement, the price can reach the strong level of 101.40. To resume the ascending movement, the price needs to gain a foothold above 102.00. In such case, the price will continue to rise with targets at 102.70 and 104.00. We expect further correction, but keep medium and long term positive outlook on pair.

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