USDJPY Daily Analysis – July 28, 2020

USDJPY’s downside movement from 108.16 extended to as low as 105.11. Deeper decline is still possible and next target would be at 104.50 area. Near term resistance is at 105.50, a break of this level could bring the price back towards the falling trend line on the 4-hour chart.

USDJPY 4-hour chart