Spotlight on USD/JPY

The latest daily technical analysis by AAATrade reveals the key support and resistance levels.

usdjpy

Spotlight on USDJPY. The latest daily technical analysis by AAATrade 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.

USDJPY

Looking at USDJPY’s 4-Hour chart, we can see the strong bounce from the support of 109.1 during the session of the 22nd of September, breaking out from its 110.15 resistance, heading higher towards the now high 112 where it found itself overextended and therefore a correction was imminent. It then returned to the support base of 110.865 where it consolidated. Currently is traded at the 111.1 price range.

Today we could expect a pattern continuation as the momentum is on its side, therefore a move towards that 111.4 range could be possible.

However, if it doesn’t manage to hold on to the current level, then a case for a move below the support of 110.85 can be made. 

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