Photo by jun rong loo on Unsplash
Looking at USDJPY Chart, we can see it fall from the 115.3 level on the 15th of February to the 114.6 where it appeared to form support, leading to the bounce back up in the 115 range where it consolidated for a day or so. However, earlier in today’s trading session there was a big retraction from the 115.1 range breaking down from the 114.6 support level and further below. It was last found trading at 114.52, having closest temporary support at 114.4 and longer-term support level at 114.2 level.
Today we could expect an extension of the short-term trend and the continuation of the move below the 114.4 and close to the 114.2 longer-term support level.
If however, it manages to hold above 114.4 then a move towards the resistance of 114.6 could be expected.
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