USDJPY Daily Analysis – May 8, 2018

USDJPY stays in a bullish price channel on its 4-hour chart and remains in the uptrend from 104.63. As long as the channel support holds, the fall from 110.03 could be treated as consolidation for the uptrend and another rise towards 112.00 could be expected after the consolidation. On the downside, a clear break below the channel support could bring price back to next support level at 108.00. Below this level would confirm that the upside movement had completed at 110.03 already, then the following downside move could take price to 106.00 area.

USDJPY 4-hour chart