Looking at USD/JPY Chart, we can see it was trading in a channel between support of 115.5 and resistance of 116, but there was a breakdown attempt yesterday 11th of January, leading to a fall in the 115.1 price level where it found temporary support. Following that there was an immediate reaction and a climb towards reclaiming its previous support of 115.5. it was last found trading at 115.4.
Today we could expect another attempt to move close and above the 115.5 previous support level and consolidation at the same level.
If however, it does not manage to hold above 115.4 or at least consolidate then a move towards the support of 115.1 could be expected.
(Click on image to enlarge)
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