USDJPY remains in downtrend from 111.57, the rise from 108.13 is likely consolidation of downtrend. Resistance is at 109.40, as long as this level holds, the downtrend could be expected to continue, and next target would be at 107.00 area. On the upside, a break of 109.40 resistance will indicate that the downtrend had completed at 108.13 already, then further rise to 110.50 area could be seen.

usdjpy 4-hours chart

Source: http://www.forexcycle.com/short-term-forex-analysis/110434-usdjpy-daily-analysis-april-18-2017.html

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