Looking at USDJPY’s Chart, we can see it being stuck in a channel between 112.6 support and 113.6 resistance for the past week without any notable movements besides the rise in price today, attempting to climb higher and challenge the 113.8 longer-term resistance. After the spike on December 1st, it had choppy price action for most of the week, falling near the 112.6 support but bouncing strongly on the 4th December, starting its winning streak and clearing the 113.6 resistance. It is currently traded around the 113.6 price range, with the closest support found at 113.4 and overhead resistance at 113.8.
Today we could expect a move near the 113.8 resistance level, as positive momentum may be at play.
However, if it doesn’t manage to hold on to the current level, then a case for a move towards and below the 113.4 first support base can be expected.
(Click on image to enlarge)
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