USDJPY Daily Analysis – October 13, 2017

USDJPY broke below 112.21 support and is now in consolidation of the uptrend from 107.31. Range trading between 111.47 and 113.43 would likely be seen in a couple of days. Key support is located at 111.47. As long as the price is above this level, the uptrend could be expected to resume and a breakout of 113.43 resistance could trigger another rise towards 115.50. On the downside, a breakdown below 111.47 level would confirm that the lengthier correction for the uptrend is underway, then the following downside movement could bring price to 109.50 area.

USDJPY 4-hour chart