USD/JPY - is sitting close to resistance forming inside bar formation on 4H chart. I believe it would be better to wait for a break in either direction and then to looking for a n entry before to enter in that market. :)
The US dollar recorded a rise against the Japanese yen on Tuesday. The currency pair opened at 113.69 and the price bounced from the resistance at 114.30. After all, the dollar ended at 113.99 and the levels at 114.30 again resisted the rise of USD / JPY. In view of the prevailing positive attitudes in the short term, their overcoming will be indicative of additional growth.
The dollar/yen continued its inertia up yesterday, reaching a peak of 114.34, but closed lower at 113.97 and hit 113.63 earlier today. The views remain down for testing at 113.20 as part of the scroll down pin scenario, as you can see on the daily chart. Clear break and daily closing below this level will open the doors to 112.25 - 111.65. The first resistance is at 114.00, but the key level remains 114.50, which is a good place for short positions with narrow stops to the loss.
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