USDJPY Daily Analysis – January 31, 2020

USDJPY extended its downside movement from 110.28 to as low as 108.58. As long as 109.26 resistance holds, the downside movement could be expected to continue and next target would be at 108.00 area. On the upside, a breakout of 109.26 resistance would indicate that the downside movement had completed at 108.58 already, then the pair would find resistance at around 109.70.

USDJPY 4-hour chart