USDJPY Daily Analysis – May 4, 2018

USDJPY broke below 108.95 support, suggesting that consolidation for the uptrend from 104.63 is underway. Range trading between 108.00 and 110.03 would likely be seen over the next several days. However, as long as 108.00 support holds, the uptrend could be expected to resume and a breakout of 110.03 resistance could trigger another bullish movement towards 112.00.

USDJPY 4-hour chart