USDJPY Weekly Analysis – May 6, 2018

USDJPY stays in a rising price channel on the daily chart and remains in the uptrend from 104.63. As long as the price is in the channel, the pullback from 110.03 could be treated as consolidation for the uptrend and a breakout of 110.03 resistance could trigger further bullish move towards 112.00. On the downside, a clear break below the channel support would suggest that the upside movement had completed at 110.03 already, then the following downside movement could bring the price back towards 104.63.

USDJPY daily chart