USDJPY Daily Analysis – July 14, 2017

USDJPY failed to break below 112.74 key support and rebounded to 113.57. However, another fall to retest 112.74 support is still possible, a breakdown below this level will indicate that the uptrend from 108.81 had completed at 114.49 already, then the following correction pullback could bring price back into 111.50 zone. On the upside, as long as 112.74 support holds, the fall from 114.49 could be treated as consolidation of the uptrend, and a break above 114.49 level could trigger another rise towards 115.50 key resistance.

USDJPY 4-hour chart