USDJPY Weekly Analysis – October 15, 2017

USDJPY pulled back from 113.43 after approaching a major resistance trend line on the daily chart and is now facing a key support at 111.47. As long as this price is above this support level, the pullback could be treated as consolidation of the uptrend from 107.31 and a breakout of the trend line resistance could trigger another rise towards 115.50. On the downside, a breakdown below 111.47 support will indicate that the uptrend had completed at 113.43 already, then the following correction pullback could bring price back to 109.50 area.

USDJPY daily chart