USDJPY Daily Analysis – July 22, 2019

USDJPY stays in a falling price channel on the 4-hour chart and remains in the downtrend from 108.99. As long as the channel resistance holds, the bounce from 107.20 could be treated as consolidation for the downtrend, one more fall towards 106.77 is still possible after the consolidation. Only a clear break above the channel resistance could signal completion of the downtrend.

USDJPY 4-hour chart