USDJPY Weekly Analysis – December 24, 2017

USDJPY continued its sideways movement in a trading range between 110.84 and 114.73. The sideways movement is likely consolidation of the uptrend from 107.31. As long as 110.84 support holds, the uptrend could be expected to resume, and a breakout of 15.50 resistance could trigger further bullish movement towards 118.66 (Dec 15, 2016 high). On the downside, a breakdown below 110.84 support could bring price back to next support level at 109.50. Below this level would aim 107.31.

USDJPY daily chart