USD/JPY is in an uptrend that started in the beginning of the week and has been going on since then. The pair registered a low of 112.56 and is now trading at 115.22 with a high of 115.30. US dollar bulls are faced with the first challenge to overcome the resistance at 115.65. If that level is broken then we might see the pair try to conquer 117 and even further.
On the other hand, market participants might sell the pair at current market price thus giving enough advantage to bears to reach their short-term target at 112.50 and form a triple bottom.
Some important news that may create volatility in the pair are the USD Gross Domestic Product and the USD Durable Goods Orders.
Chart: USD/JPY H4
It could be a good turning point.
ReplyDeleteIt will likely continue moving to the upside.
ReplyDeleteI'll watch these levels, thank you!
ReplyDeleteThe rally may not be over yet.
ReplyDeleteVery informative article, thanks for sharing!
ReplyDeleteExcellent information to keep in mind.
ReplyDeleteThe pair may test support level at 114.00.
ReplyDeleteGood analysis.
ReplyDelete