USDJPY Daily Analysis – May 4, 2020

USDJPY failed to break above the top of the falling price channel on the 4-hour chart and pulled back from 107.49, suggesting that the pair remains in the downtrend from 109.38. Further decline would likely be seen and next target would be at 106.00 area. On the upside, a breakout of the channel resistance would indicate that the downtrend had completed at 106.35 already, then further rise towards 109.00 could be seen.

USDJPY 4-hour chart