USDJPY 2017-12-18 Intra-day analysis

USDJPY intra-day analysis

USDJPY (112.63): The USDJPY managed to close on a bullish note on Friday. Price action is currently looking a bit weaker with the lower high being formed. Further downside movement could be expected if the reversal fails to break past the previous high formed. On the 4-hour chart, the sideways range is established within 113.00 level of resistance and 112.04 level of support. We expect this range to be maintained with a breakout from this level expected to establish further direction in the near term.