Looking at USDJPY’s Weekly chart, we can see the fall from the 114.8 highs of the previous week down to the 114 range where it temporarily found support and also started to climb back up however it found resistance at 114.5 which led to a strong reaction and fall further below into the 113.8 range.
Yen. Image Source: Pixabay
Support was formed at the 113.8 range, and again another run-up back at 114.2 and then even higher, after a positive spike in momentum, reaching above 115. The closest resistance level can be found at 115.2 and it is currently traded around the 114.8 price range.
Today we could expect a pattern continuation as the positive short-term momentum appears strong, therefore a move towards and above that 115.2 resistance level.
However, if it doesn’t manage to hold on to the current level, then a case for a move towards the 114.5 first support base can be expected.
(Click on image to enlarge)
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