USDJPY Daily Analysis – November 2, 2016

USDJPY broke below the upward trend line on 4-hour chart, indicating that the uptrend from 103.16 had completed at 105.53 already. Deeper decline to test 103.16 support could be expected, a breakdown below this level will signal completion of the longer term uptrend from 100.08 (Sep 27 low), then the following downward movement could bring price to 100.50 zone. On the upside, as long as 103.16 support holds, the price action from 104.63 would possibly be consolidation of the uptrend from 100.08, one more rise to 107.00 area is still possible.

usdjpy chart