Looking at USDJPY’s Monthly chart, we can see the breakout from the 112 previous resistance level on the 8th of October and the surge of its price upwards into new territory, climbing steadily without major pullbacks.
Yen. Image Source: Pixabay
For the past 2 weeks, it’s been trading in a channel between, its newly formed support level at 113.3 and overhead resistance level of 114.4, gearing up for another test of the overhead resistance. It is currently traded around 114.
Today, we could expect a pattern continuation as the momentum is still in play, therefore a move towards that 114.5 resistance and beyond could be possible.
However, if it doesn’t manage to hold on to the current level, then a case for a move towards the support of 113.4 can be expected.
(Click on image to enlarge)
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