USDJPY Weekly Analysis – August 9, 2020

USDJPY stays below a falling trend line on the daily chart and remains in the downtrend from 111.71. As long as the trend line resistance holds, the bounce from 104.18 could be treated as consolidation for the downtrend, and further decline to 103.00 area is still possible after the consolidation. Only break above the trend line resistance could signal completion of the downtrend.

USDJPY daily chart