Looking at USDJPY’s Weekly chart, we can see the recovery after the fall at its support level of 113.3 on the 28th of October, the slow gradual climb topping at 114.4, yesterday November 1st, and the fall to the 113.6 price range where it is currently attempting to consolidate. The closest support levels can be found at 113.5 and 113.4 range and the nearest resistance level at 113.8. It is currently traded around the 113.65 price range.
Yen. Image Source: Pixabay
Today we could expect a pattern continuation as the negative short-term momentum is still in play, therefore a move towards that 113.4 support level.
However, if it manages to hold on to the current level, then a case for a move towards the 113.8 resistance can be expected.
(Click on image to enlarge)
Comments
Log in or sign up to join the conversation.