USDJPY Daily Analysis – August 7, 2017

USDJPY remains in the downtrend from 114.49, the bounce from 109.83 is likely consolidation of the downtrend. Near term resistance is at the top trend line of the price channel on the 4-hour chart. As long as the channel resistance holds, the downtrend could be expected to continue and next target would be at 109.00 area. Only a clear break above the channel resistance could signal completion of the downtrend.

USDJPY 4-hour chart