USDJPY Daily Analysis – March 4, 2020

USDJPY extended its downside movement from 112.22 to as low as 106.84. Further decline is still possible after a minor consolidation and next target would be at 106.50 area. Key resistance is located at the bearish trend line on the 4-hour chart, only break above the trend line resistance could signal completion of the downtrend.

USDJPY 4-hour chart