USDJPY Weekly Analysis – July 22, 2018

USDJPY stays above a rising trend line on the daily chart and remains in the uptrend from 104.63. As long as the trend line support holds, the fall from 113.17 could be treated as consolidation for the uptrend and further rise towards 115.50 is still possible after the consolidation. On the downside, a breakdown below the trend line support would indicate that the upside movement had completed at 113.17 already, then further decline towards 109.00 area could be seen.

USDJPY daily chart