USDJPY Daily Analysis – March 22, 2017

USDJPY broke below 111.59 support, indicating that the long term downtrend from 118.66 (Dec 15, 2016 high) has resumed. As long as the pair is in the descending price channel on 4-hours chart, the short term downtrend from 115.50 could be expected to continue and next target would be at 110.00 area. Key resistance is now at 112.89, only break above this level could signal completion of the short term downtrend.

USDJPY chart