USDJPY Daily Analysis – May 22, 2017

USDJPY is facing the resistance of the descending price channel on 4-hour chart, a clear break out of the channel resistance will indicate that the fall from 114.36 had completed at 110.23 already, then the following rally could take price into 113.50 zone. On the downside, as long as the pair is in the channel, the fall could be expected to continue and deeper decline to 109.60 is still possible.

USDJPY chart