USDJPY Daily Analysis – February 10, 2017

USDJPY broke above the downward trend line on 4-hour chart, and is now facing the resistance at 113.95. As long as this level holds, the rise from 111.59 could be treated as consolidation of the downtrend from 118.66 (Dec 15, 2016 high) and another fall towards 110.00 could be expected after consolidation. 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