USDJPY Daily Analysis – February 7, 2018

USDJPY failed to break below 108.28 support and stayed in the trading range between 108.28 and 110.48. The price action in the trading range could be treated as consolidation of the downtrend from 113.75, and another fall towards 107.31 support is still possible after the consolidation. On the upside, a breakout of 110.48 resistance could take price to next resistance level at 111.48. Above this level could trigger further upside movement towards 115.50.

USDJPY 4-hour chart