USDJPY Weekly Analysis – August 2, 2020

USDJPY rebounded strongly from 104.18, suggesting that the downside movement from 109.84 had completed. Further rally would likely be seen in the coming days and the target would be at the falling trend line on the daily chart. Support is at 104.18, only a breakdown below this level could trigger another fall towards 101.00.

USDJPY daily chart