USDJPY Daily Analysis – January 31, 2019

USDJPY broke below 109.14 support, indicating that the upside movement from 107.76 had completed at 109.99 already. Deeper decline could be expected and next target would be at 108.00 area. Resistance is at the falling trend line on the 4-hour chart, only a breakout of the trend line resistance could trigger another bullish movement towards 111.00.

USDJPY 4-hour chart