USDJPY Daily Analysis – November 3, 2017

USDJPY stays in a trading range between 112.95 and 114.45. As long as the price is above 112.95, the sideways movement in the range could be treated as consolidation of the uptrend 111.65, and another rise towards 115.50 is still possible after the consolidation. Near term resistance is at 114.45, a breakout of this level could signal resumption of the uptrend. Near term support is at 113.50, below this level could take price to test the key support at 112.95. Breakthrough here will indicate that lengthier consolidation for the uptrend from 107.31 (Sep 8 low) is underway, then deeper decline to 112.30 area could be seen.

USDJPY 4-hour chart