USD/JPY: Bounce Likely |


Looking at the weekly chart, we can see it being stuck in a channel between 112.6 support and 113.6 resistance for the past week without any notable movements besides the rise in price today.

Recently, the pair attempted to climb higher and challenge the 113.8 longer-term resistance. After the spike on Dec. 1, it traded choppily for most of the week.

After that it fell near the 112.6 support but bouncing strongly on Dec. 4, starting its winning streak and clearing the 113.6 resistance.

It is currently traded around the 113.6 price range, with the closest support found at 113.4 and overhead resistance at 113.8.

See also  Covid Fear to Trigger Rally Above $1,800

Today we could expect a move near the 113.8 resistance level, as positive momentum may be at play.

However, if it doesn’t manage to hold on to the current level, then a case for a move towards and below the 113.4 first support base can be expected.

USD/JPY weekly chart.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

See also  Euro Slips Below 1.13 |

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Read more here