USDJPY Weekly Analysis – August 6, 2017

USDJPY moved sideways in a trading range between 108.13 and 115.50 for several months. As long as 108.13 key support holds, the sideways movement could be expected to continue and another rise to retest 115.50 resistance is possible. On the downside, a breakdown below 108.13 support will signal resumption of the downtrend from 118.66, then deeper decline to 105.00 area could be seen.

USDJPY daily chart