USDJPY Daily Analysis – July 12, 2017

USDJPY remains in uptrend from 108.81, the fall from 114.49 is likely consolidation of the uptrend. Near term support is at the bottom trend line of the price channel on its 4-hour chart. As long as the channel support holds, the uptrend could be expected to continue and further rise to test 115.50 key resistance is still possible after consolidation. Key support is at 112.74, only a breakdown below this level could indicate that the uptrend had completed at 114.49 already, then the pair will find next support at around 111.50.

USDJPY 4-hour chart