USDJPY Daily Analysis – October 17, 2014

USDJPY is facing the resistance of the downward trend line on 4-hour chart. A clear break above the trend line resistance will indicate that the downtrend from 110.08 had completed at 105.32 already, then the following upward movement could bring price to 109.00 area. On the downside, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 104.50 area.

usdjpy chart