USDJPY Weekly Analysis – December 17, 2017

USDJPY moved sideways in a trading range between 110.84 and 114.73. As long as 110.84 support holds, the sideways movement could be treated as consolidation of the uptrend from 107.31, and a breakout of 115.50 resistance will indicate that the long term uptrend from 98.97 (Jun 24, 2016 low) has resumed, then further rise towards 118.66 (Dec 15, 2016 high) could be seen. On the downside, a breakdown below 110.84 support could bring price back to next support level at 109.50, followed by 107.31.

USDJPY daily chart