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USD/JPY: the pair is trading within a downward channel on 05.02.2015

The USD/JPY continues to trade within a downward channel. Quotes went down on Wednesday due to positive data from Japan where personal revenues grew 1.6%, which is the highest value since July 2014. The pair is currently correcting. Bulls' first target is a level of 117.45 (middle line of Bollinger Bands). In case of its breakout quotes may go further, up to  a level of 117.90 (upper border of the downward channel). Otherwise the price may go back to Wednesday's minimum (116.90). The price will hardly leave the borders of the range 117.90-116.90 in the shortest time: investors will be waiting for tomorrow news from the US labour market.

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