USDJPY Daily Analysis – February 9, 2018

USDJPY moved sideways in a trading range between 108.28 and 110.48. The sideways move is likely consolidation of the downtrend from 113.75 (Dec 12, 2017 low). As long as 110.48 resistance holds, the downtrend could be expected to resume and a breakdown below 108.28 support could trigger another fall towards 107.31 (Sep 8, 2017 low) support. Resistance levels are at 109.80 and 110.48, only break above these levels could signal completion of the downtrend.

USDJPY 4-hour chart