USDJPY Daily Analysis – May 11, 2018

USDJPY failed in its attempt to breakout of 110.03 and stayed in a trading range between 108.64 and 110.03, suggesting that lengthier consolidation for the uptrend from 104.63 is needed. Near term support is at the bottom of the price channel on the 4-hour chart and the key support is at 108.64. As long as these support levels hold, the uptrend could be expected to resume and a breakout of 110.03 resistance could trigger another bullish movement towards 111.50. Only a breakdown below 108.64 support could bring price back to 108.00 zone.

USDJPY 4-hour chart