USDJPY Daily Analysis – May 21, 2018

USDJPY extended its upside movement from 104.63 to as high as 111.08. Further rise is still possible in a couple of days and next target would be at 111.50 area. Near term support is at the bottom of the price channel on the 4-hour chart, only a clear break below the channel support could signal completion of the uptrend.

USDJPY 4-hour chart