USDJPY stays above the upward trend line on 4-hour chart, and remains in uptrend from 101.50, as long as the trend line support holds, the fall from 105.70 could be treated as consolidation of the uptrend.
Further rise could be expected, and next target would be at 107.00 area.
On the downside, a clear break below the trend line support will indicate that the upward movement had completed at 105.70 already, then deeper decline to 103.50 area could be seen.
Editor’s Note: Equity investors/traders can use the Currency Shares Japanese Yen Trust (FXY, quote) ETF to take positions in the yen without a FOREX account. The ETF looks to track the price of the Japanese Yen (USDJPY), minus ETF fee. The fund seeks to reflect the price of the Japanese yen (USDJPY) with the shares representing a cost-effective investment relative to investing in the FOREX market.
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