USDJPY Technical Analysis 23-01-18

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As we advised last week and as we can see from our previous chart, once the market broke below the 112.10 point the downtrend wave started to control the market.

We are still maintaining the same model as we described previously.

As long as market holds below the 112.10 point, the downtrend wave will sustain itself towards the 109.50 target. Movement below this level indicates a larger drop should be expected towards the 108.20 zone.

Above the 112.10 point and the market may give signals for further advances towards the 113.70 zone.

Support Resistance
Level 1 110.20 111.50
Level 2 109.50 112.10
Level 3 108.20 112.80

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