Looking at USDJPY’s Weekly chart, we can see the extended downward trend of the past week, the fall from 114.2 during the 4th of November, and its inability to consolidate and form support. During yesterday’s session, it attempted to slow down the fall, attempting to form a support level at 112.8, and today there are some signs for upside moves. The closest resistance level can be found at 113.3 and it is currently traded around the 113.1 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 112.8 support level.
However, if it manages to hold on to the current level, then a case for a move towards the 113.3 resistance can be expected.
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