Spotlight on USDJPY. The latest daily technical analysis by AAATrade reveals the key support and resistance levels that each of these assets is likely to reach today. Look at the charts and our market analysts’ observations below and gain a fresh perspective on trading.

USDJPY

Looking at USDJPY’s 4-Hour chart, we can see the continuation of its uptrend, as the Yen devalues against the Dollar for the fourth week in a row. Last week it managed to consolidate its gains, after a rather small retraction back to its then 110.865 support base, and bounced back, breaking out form its then overhead resistance of 112 on the 8th of October, rallying into the 113.5 price range where it is currently found trading. That was 1.5% price surge since this past Friday. Its closest support base can be found at 112 region, whilst its closest resistance canbe found at 113.7, but a longer-term resistance can be found at 113.8 . Currently is traded at 113.5 price range.

Today we could expect a pattern continuation as the momentum is still on its side, therefore a move towards that 113.8 range could be possible and a possible test of the resistance.

However, if it doesn’t manage to hold on to the current level, then a case for move towards the support of 112.2 can be expected.