USDJPY Daily Analysis – February 1, 2019

USDJPY extended its downside movement from 109.99 to as low as 108.49. Further decline is still possible 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