USDJPY Daily Analysis – February 3, 2020

USDJPY’s downside movement from 110.28 extended to as low as 108.30. Further decline is still possible and next target would be at 108.00 area. Near term resistance is located at the falling trend line on the 4-hour chart, only break above the trend line resistance could signal completion of the downtrend.

USDJPY 4-hour chart