USDJPY Daily Analysis – February 16, 2017

USDJPY broke above the resistance of the price channel on 4-hour chart. Further rise to test 115.62 resistance is possible. As long as this level holds, the price action from 112.56 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 115.62 resistance will indicate that the downtrend had completed at 111.59 already, then the following upward movement could bring price to 118.00 zone.

usdjpy chart