USDJPY Weekly Analysis – February 2, 2020

USDJPY is facing the support of the rising price channel on the daily chart. As long as the channel support holds, the pullback from 110.28 could be treated as consolidation for the uptrend from 104.44, another rise towards 110.50 is possible after the consolidation. Key support is at 107.65, a breakdown below this level would indicate that the upside movement had completed at 110.28 already, then the pair would find next support at around 106.50.

USDJPY daily chart