The US dollar was up against the Japanese yen on Friday. By the close of US trading, USD/JPY was trading at 111.10, adding 0.26%. I believe that support is now at around 110.13, the low of Friday's trading, and the resistance is likely at 111.61, Monday's high.
USD/JPY is gaining 0.15% at 111.27 with the initial hurdle at 111.58 (high Apr.10) ahead of 112.20 (high Mar.31) and then 112.80 (50% Fibo of March drop). On the other hand, a drop below 110.11 (low Apr.7) would open the door to 110.09 (2017 low Mar.27) and finally 108.64 (200-day sma).
Immediate resistance is seen near 109.40 level (yesterday's high), above which the pair is likely to accelerate the recovery towards 109.85 intermediate resistance ahead of the key 110.00 psychological mark.
The US dollar was down against the Japanese yen on Friday. By the close of US trading, USD/JPY was trading at 108.65, losing 0.40%. I believe that support is now at around 108.55, the low of Friday's trading, and the resistance is likely at 111.58, Monday's high.
I opened a long position at 108.20 and my target is at 109.00 as I thought the pair would rebound from that support. Considering the bullish spinning top bar on the H4 time frame at that level, it probably will.
It rebounded from 108.30. I managed to close my short relatively on time, but I haven't opened another long. While the pair is bearish, I suspect that it will begin a sideways consolidation above 108.20 - 108.30.
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