USD/JPY Close to Resistance

USD/JPY is now trading close to resistance at 114.13. The pair made a high of 114.30, just a few point shy of the potential double top at 113.38. However, bears took control over it a bit earlier as it seems and lowered the price before the level was reached.

It's important to notice that the pair posted no gains on Friday when the expected jobs created in may were lower than the actual data.

If price remains below the resistance level we might see bears further depreciating the pair to first potential target level at 113.00.

On the other hand, a spike to the upside above 114.38 would invalidate the double top and open the way for further appreciation in the pair.

Chart: USD/JPY H4