USDJPY Daily Analysis – May 19, 2017

USDJPY’s fall from 114.36 extended to as low as 110.23. Further decline is still possible after a minor consolidation and next target would be at around 109.60. Near term resistance is at the top of the price channel on 4-hour chart, only a clear break above the channel resistance will suggest that the downward movement had completed at 110.23 already, and this could trigger a bullish movement towards 114.36.

USDJPY chart