USDJPY Daily Analysis – October 17, 2018

USDJPY broke above the bearish trend line on the 4-hour chart, suggesting that the downside movement from 114.54 had completed at 111.62 already. Further rally is still possible in a couple of days and next target would be at 113.00 area. Support is at 111.62, only a breakdown below this level could trigger another downside movement towards 111.00.

USDJPY 4-hour chart