USDJPY Weekly Analysis – July 16, 2017

After touching 114.36 resistance, USDJPY pulled back from 114.49, indicating that a short term top had been formed, and lengthier sideways movement in a range between 108.13 and 114.49 is underway. Deeper decline could be expected in a couple of weeks and next target would be at 109.50 area.

USDJPY daily chart