USDJPY Daily Analysis – January 26, 2018

USDJPY extended its downside movement from 113.38 to as low as 108.49. Further decline is still possible after consolidation and next target would be at 107.31. Near term resistance is at the top trend line of the price channel on the 4-hour chart, only a clear break of the channel resistance could signal completion of the downtrend.

USDJPY 4-hour chart