Looking at USD/JPY chart, we can see its uptrend for the past week, moving away from its 114.7 support, climbing steadily reconciling along the way its gains. During yesterday’s session, it encountered resistance at the 115.3 price level, where it forced it to retract to 115 but since then it recovered strongly, bouncing back up and breaking through the resistance surging well into 115.77 where it was last found trading. The closest support level is 115.3 and overhead resistance the 115.8
Today we could expect a continuation of the trend and another surge above 115.8, possibly close to 116.
If however, it does not manage to hold above 115.7 or at least consolidate then a move towards the support of 115.3 could be expected.
(Click on image to enlarge)
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