USDJPY broke out of the top of the price channel on 4-hour chart and reached as high as 114.32. Consolidation for the uptrend would likely be seen in a couple of days and pullback to the bottom of the channel is possible. However, as long as the pair is above 112.08 key support, the upward movement could be expected to continue after the consolidation and next target would be at 115.00 area. Only a breakdown below 112.08 key support could signal completion of the uptrend.

usdjpy 4-hour chart


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