USDJPY Daily Analysis – February 23, 2018

USDJPY remains in the downtrend from 113.75 (Dec 12, 2017 low), the bounce from 105.54 is likely consolidation for the downtrend. Near term resistance is at the top trend line of the price channel on the 4-hour chart. As long as the price is in the channel, the downside movement could be expected to resume and further decline towards 104.00 is still possible after the consolidation. Key resistance is at 107.90, only break above this level could signal completion of the downtrend.

USDJPY 4-hour chart