USDJPY Daily Analysis – January 19, 2017

USDJPY is facing the resistance of the downward trend line on 4-hour chart. As long as the trend line resistance holds, the rise from 112.56 could be treated as consolidation of the downtrend from 118.60, and further decline to 110.00 area is still possible after consolidation. Only a clear break above the trend line resistance could signal completion of the downtrend.

usdjpy chart