USDJPY Daily Analysis – May 15, 2017

USDJPY is facing the support of the bottom of the rising price channel on 4-hour chart. As long as the channel support holds, the fall from 114.36 could be treated as consolidation of the uptrend from 108.13 and further rise to 115.50 area is still possible. On the downside, a clear break below the channel support will indicate that the upward movement had completed at 114.36 already, then the following downward movement could bring price back to 110.50 – 111.00 area.

USDJPY chart