USDJPY Daily Analysis – January 8, 2019

USDJPY is facing the resistance of the bearish trend line on the 4-hour chart, a clear break above the trend line resistance would indicate that the downside movement from 113.70 had completed at 105.05 already, then further rise towards 111.00 could be seen. On the downside, as long as the trend line resistance holds, the bounce from 105.05 could be treated as corrective consolidation for the downtrend, a breakdown below 108.00 support could trigger another fall towards 105.00.

USDJPY 4-hour chart