USDJPY Daily Analysis – April 16, 2018

USDJPY extended its upside movement from 104.63 to as high as 107.78, facing the resistance at 107.90. Range trading between 106.61 and 107.78 would likely be seen in a couple of days. As long as 106.61 support holds, the upside movement could be expected to resume and a breakout of 107.90 resistance could take price to next resistance level at 109.50. On the downside, a breakdown below 106.61 support would indicate that the upside movement had completed at 107.78 already, then deeper decline towards 105.65 support could be seen.

USDJPY 4-hour chart