USDJPY Daily Analysis – January 23, 2017

After touching that downward trend line on 4-hour chart, USDJPY pulled back to 113.65, indicating that the pair remains in downtrend from 118.60. Further decline is still possible in a couple of days, and next target would be at 110.00 area. Key resistance is at 115.62, only break above this level could signal completion of the downtrend.

usdjpy chart