USDJPY Daily Analysis – October 31, 2016

USDJPY is facing the support of the upward trend line on 4-hour chart. As long as the trend line support holds, the fall from 105.53 could be treated as consolidation of the uptrend from 103.16, and further rise to 106.00 area is still possible. On the downside, a clear break below the trend line support will indicate that the uptrend had completed at 105.53 already, then the following downward movement could bring price back to 101.00 area.

usdjpy chart