USDJPY Daily Analysis – January 16, 2015

USDJPY remains in downtrend from 120.82, and the fall extended to as low as 115.85. Further decline to test 115.56 support is still possible. Near term resistance is at 118.00, and the key resistance is located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

usdjpy chart