USDJPY Daily Analysis – December 18, 2019

USDJPY moved sideways in a narrow range between 109.20 and 109.70. As long as 109.20 support holds, the sideways movement could be treated as consolidation for the short term uptrend from 108.42, further rise to the top of the price channel on the 4-hour chart is possible after the consolidation. On the downside, a breakdown below 109.20 support would suggest that the upside movement had completed at 109.70 already, then another fall towards the bottom of the channel could be seen.

USDJPY 4-hour chart