USDJPY Daily Analysis – October 17, 2017

USDJPY failed to break below 111.47 key support and stayed in the trading range between 111.47 and 113.43. As long as 111.47 support holds, the fall from 113.43 could be treated as consolidation of the uptrend from 107.31 and another rise towards 115.50 could be expected after the consolidation. Resistance levels are at 112.60 and 113.43, above these levels could signal resumption of the uptrend. However, a breakdown below 111.47 support will indicate that the uptrend had completed at 113.43 already, and correction pullback is underway, then the pair would find support at around 109.50.

USDJPY 4-hour chart