Looking at USDJPY’s Chart, we can see it being stuck in a channel between 113.3 support and 113.92 resistance for the past week without any notable movements. Since December 13th its been climbing steadily, looking at breaching the 113.8 resistance and moving towards the 113.9 price range. The closest support can be found around the 113.4 price range and ultimately the 113.3. It is currently traded around the 113.7 price range.
Today we could expect a move near and possibly above the 113.9 resistance level.
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.
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