USDJPY Weekly Analysis – February 11, 2018

USDJPY extended its downside movement from 113.75 to as low as 108.04. As long as the price stays in the bearish channel on the daily chart, the downside movement could be expected continue and further decline to test 107.31 support is still possible. A breakdown below this level would aim 105.00. The key resistance is at 110.48, only break above this level could trigger another rise towards 115.50 resistance.

USDJPY daily chart