USDJPY Daily Analysis – February 7, 2017

USDJPY’s downward movement from 118.66 (Dec 15, 2016 high) extended to as low as 111.59. Near term resistance is at 113.95, as long as this level holds, the downtrend could be expected to continue, and next target would be at 110.00 area. On the upside, a break of 113.95 resistance will indicate that lengthier consolidation of the downtrend is underway, then further rise to 115.00 area could be seen.

usdjpy chart