USDJPY Daily Analysis – January 7, 2019

USDJPY extended its upside movement from 105.05 to as high as 108.62. Further rise towards the bearish trend line on the 4-hour chart is possible in the coming days. As long as the trend line resistance holds, the bounce could be treated as consolidation for the downtrend from 113.70, another fall towards 105.00 is still possible after the consolidation. Only a breakout of the trend line resistance could signal completion of the downtrend.

USDJPY 4-hour chart