USDJPY Daily Analysis – January 16, 2019

USDJPY stayed in a trading range between 107.76 and 109.08 for several days. The price action in the range is likely consolidation for the uptrend from 105.05. As long as 107.76 support holds, the upside movement could be expected to resume, a break of 109.08 resistance could trigger another rise towards 110.40. However, a breakdown below 107.76 support would indicate that the upside movement had completed at 109.08 already, then deeper decline to 106.50 area could be seen.

USDJPY 4-hour chart