The latest daily technical analysis reveals the key support and resistance levels that each of these assets is likely to reach today. Look at the charts and our market analysts’ observations below and gain a fresh perspective on trading.
Yen. Image Source: Pixabay
USDJPY
Looking at USDJPY’s 4-Hour chart, we can see the continuation of its uptrend, as the Yen devalues against the Dollar for the fourth week in a row, accounting for a 4% move since its inception. During the past week, it pushed further upwards into the 114.5 regions where it attempted to consolidate its gains, forming another leg up, gearing up for another surge. The current week we have seen a small retraction, cooling down from the high to the 114 price range, which was rejected a couple of times therefore it could count as temporary informal support. It is currently traded around the 114 price range, with overhead resistance the 114.5, and support can be found initially at the 113.6 level.
Today, we could expect a pattern continuation as the momentum is still very much by its side, therefore a move towards that 114.5 and beyond range could be possible.
However, if it doesn’t manage to hold on to the current level, then a case for a move towards the support of 113.6 can be expected.
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