USDJPY Daily Analysis – January 23, 2018

USDJPY continued its sideways movement in a trading range between 110.19 and 111.48. The sideways move is likely consolidation of the downtrend from 113.38. Further decline is still possible after the consolidation and next target would be at 109.50 area. Resistance is at 111.48, only a break of this level will suggest that the downside movement had completed at 110.19 already, then further rally to 112.20 area could be seen.

USDJPY 4-hour chart