USDJPY Daily Analysis – December 7, 2017

USDJPY is facing the support of the rising trend line on its 4-hour chart. As long as the trend line support holds, the fall from 113.08 could be treated as consolidation of the uptrend from 110.84 and another rise towards 114.73 is still possible after the consolidation. Near term resistance is at 113.08, a breakout of this level could signal resumption of the uptrend. On the downside, a clear break below the trend line support will suggest that the uptrend had completed at 113.08 already, then the pair would find next support level at 110.84. Below this level would aim 109.50 area.

USDJPY 4-hour chart