USDJPY Daily Analysis – May 23, 2018

USDJPY broke below the bottom support trend line of the price channel on the 4-hour chart, suggesting that the short term uptrend from 108.64 had completed at 111.39 already. Deeper decline could be expected and next target would be at 110.00, followed by 109.30. Resistance is at 111.39, only a breakout of this level could trigger another rise towards 112.00.

USDJPY 4-hour chart