USDJPY Weekly Analysis – August 16, 2020

USDJPY’s bounce from 104.18 extended to as high as 107.05. As long as the price is below the falling trend line on the daily chart, the bounce could be treated as consolidation for the downtrend from 111.71, and another fall towards 103.00 could be expected after the consolidation. Only break above the trend line resistance could signal completion of the downtrend.

USDJPY daily chart