USDJPY Daily Analysis – January 17, 2018

USDJPY extended its downside movement from 113.38 to as low as 110.19. As long as the price is below the falling trend line on the 4-hour chart, the downtrend could be expected to continue and next target would be at 109.50 area. The key resistance is at 110.98, only a breakout of this level will suggest that the downside movement had completed at 110.19 already, then further rally towards 111.87 could be seen.

USDJPY 4-hour chart