USDJPY Daily Analysis – March 17, 2017

USDJPY’s short term downtrend from 115.50 extended to as low as 112.90. Deeper decline to test 111.59 support is still possible after a minor consolidation. Resistance is located at the top of the price channel on 4-hours chart, only a clear break above the channel resistance will indicate that the short term downtrend had completed at 112.90 already, then the following upward movement could bring price to 116.00 zone.

USDJPY chart