USDJPY Daily Analysis – October 5, 2017

USDJPY continued its sideways movement in a trading range between 112.21 and 113.25. As long as 112.21 support holds, the price action in the range could be treated as consolidation of the uptrend from 107.31, and further rise to 114.00 area is still possible after the consolidation. Resistance is at 113.25, a breakout of this level could signal resumption of the uptrend.

On the downside, a breakdown below 112.21 support could take price back towards 111.47. Below this level would confirm that correction for the uptrend is underway, then the pair would find next support level at 109.54.

USDJPY 4-hour chart