USDJPY Daily Analysis – July 23, 2019

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

USDJPY 4-hour chart