USDJPY is struggling second day with the downward trend line drawn from this year’s maximum. As you can see on the daily chart below, pair after a false breakout rebounded dynamically from 108.27 beating the accelerated trend line first and then the resistance area between 110.68 – 111.00, which is now support.
Another target for growth was then the mentioned trend line. Reflecting from the resistance can result in returning to the 111.00 zone. But before that happens sellers would have to overcome local support near 111.50.
Alternatively, a successful break down of the downward trend line will open the way to further growth, consistent with the current momentum. The nearest target will be around 114.35, where we find turning points from May and July.
