USDJPY Daily Analysis – May 23, 2017

USDJPY moved out of the price channel on 4-hour chart, indicating that the downward movement from 114.36 had completed at 110.23 already. Near term resistance is now at 111.73, a break of this level could trigger a rally towards 113.50. Support is at 110.23, only a breakdown below this level could bring price back to the downtrend, then the pair will find support at around 109.60.

USDJPY chart