Looking at USDJPY’s Weekly chart, we can see the start of the reversal which occurred on the 10th of November, rebounding strongly from the 113 price range which held as support, and claiming the 114 range with relative ease. The following days it managed to form support at 113.75 range and resistance was found at 114.3 which was tested twice, and finally broken yesterday 16th of November extending its gains, surging upwards in the 114.8 range and holding its ground. The closest resistance level can be found at 115 and it is currently traded around the 114.9 price range.
Today we could expect a pattern continuation as the positive short-term momentum appears strong, therefore a move towards and above that 115 resistance level.
However, if it doesn’t manage to hold on to the current level, then a case for a move towards the 114.6 range can be expected.
(Click on image to enlarge)
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