USDJPY Daily Analysis – August 6, 2020

USDJPY stays below a falling trend line on the 4-hour chart and remains in the downtrend from 108.16. As long as the trend line resistance holds, the bounce from 104.18 could be treated as corrective consolidation for the downtrend, and further decline towards 103.00 is possible after the consolidation. Only break above the trend line resistance could signal completion of the downtrend.

USDJPY 4-hour chart