USDJPY Daily Analysis – July 14, 2020

USDJPY is facing the resistance of the falling trend line on the 4-hour chart. As long as the trend line resistance holds, the bounce from 106.64 could be treated as consolidation for the downtrend from 108.16, further decline towards 106.00 is possible after the consolidation. On the upside, a breakout of the trend line resistance would indicate that the downside movement had completed at 106.64 already, then another rise towards 108.50 could be seen.

USDJPY 4-hour chart