For the initial 5 months of 2014, USDJPY has been pretty range bound and has formed a rising channel after a long uptrend since october 2012. The channel is broken now and USDJPY is expected to move down to 97-98 level.
The channel width is about 900 pips, so it would go down till 94 by year end, however by august, it would be around 97.5.
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