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.
The dollar recorded a dynamic session against the yen on Friday. Ultimately, the pair remained at the end of last week, but short-term expectations are in favor of the dollar. The start on Monday was at a rate of 113.45 and the closing price was 16 pips higher. The trend was volatile, with the difference between the highest and lowest values for the day being 47 pips. Meanwhile, the first resistance at 113.68 was slammed for a short time while the first trading hours.
The 55 day EMA on the USDJPY has been holding the price nicely and despite the current correction, the pair keeps its bullish trend. Therefore, we could see a visit to the 114.00 level, but a breakdown of the 55 day EMA could take the pair to the lows that it made around the 112.00 zone.
The dollar recorded a slight increase against the yen on Thursday. The pair traded in a relatively wide range, but the closing price was close to 112.86 and 113.04 respectively. In the early hours, bullish moods dominated and so was the peak of the day at 113.32. Subsequently, the Japanese currency recovered the losses.
The US dollar recorded a significant decline against the Japanese yen on Friday. The session started at 113.04 and ended at 112.08. Daytime extreme values were reached at 113.13 and 111.94, respectively. Negative attitudes now prevail, and 110.90 is a major challenge for bears.