USDJPY Daily Analysis – January 9, 2019

USDJPY is testing the resistance of the falling trend line on the 4-hour chart. As long as the trend line resistance holds, the bounce from 105.05 would possibly be consolidation for the downtrend from 113.70, another fall towards 105.00 is still possible after the consolidation. Next term support is at 108.00, below this level could signal resumption of the downtrend. On the upside, a breakout of the trend line resistance would indicate that the downside movement had completed at 105.05 already, then the pair would find next resistance at around 111.00.

USDJPY 4-hour chart