USDJPY Daily Analysis – January 7, 2020

USDJPY broke above the falling trend line on the 4-hour chart, suggesting that the downtrend from 109.68 had completed at 107.77 already. Further rally could be expected in a couple of days and next target would be at 108.86 resistance. However, as long as 108.86 resistance holds, the rise from 107.77 would possibly be corrective consolidation for the downtrend from 109.70, another fall towards 107.00 would likely be seen after the consolidation.

USDJPY 4-hour chart