USD/JPY Weekly Analysis – Sunday, August 12

USD/JPY broke below the rising trend line on the daily chart, suggesting the upside movement from 104.63 to as high as 113.17.

A deeper decline would likely be seen in a couple of weeks and the next target would be at 109.50 area.

Resistance levels are at 112.20 and 113.17, only a break above these levels could trigger another rise towards 115.50 resistance.

USDJPY daily chart

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