USDJPY Daily Analysis – February 8, 2017

USDJPY remains in downtrend from 118.66 (Dec 15, 2016 high). Further fall is still possible after a minor consolidation, and next target would be at 110.00 area. There is a downward trend line on 4-hour chart, which may act as a resistance on the upside near 112.60. The key resistance is at 113.95, only break above this level will indicate that lengthier consolidation of the downtrend is underway, then further rise to 115.00 area could be seen.

usdjpy chart