USDJPY Daily Analysis – November 10, 2017

USDJPY is facing 112.95 support, a breakdown below this level could trigger further downside movement to 112.30 area. On the upside, as long as 112.95 support holds, the price action from 114.45 could be treated as consolidation of the uptrend from 111.65, and another rise towards 115.50 level is still possible after the consolidation. Near term resistance is at the falling trend line on the 4-hour chart, a clear break above the trend line could bring price to test 114.73. A breakout of this level could signal resumption of the uptrend.

USDJPY 4-hour chart