USDJPY Daily Analysis – July 21, 2017

USDJPY remains in downtrend from 114.49 and the fall extended to as low as 111.47. Near term resistance is at the top trend line of the price channel on its 4-hour chart. As long as the price is in the channel, the downtrend could be expected to continue and next target would be at 111.00 area. Key resistance is at 112.41, only break above this level could signal completion of the downtrend.

USDJPY 4-hour chart