According to Mark De La Paz, an analyst at FX Instructor, “The USD/JPY is just under the pivot point at 78.27 in Hourly USDJPY charts. With a combination of a high level bearish pattern and a strong resistance, we consider shorting at 78.04, which should lead to a move towards 77.65. In addition, we recommend a stop loss should be placed above the 78.27.”
In terms of technical levels, the pair presently trades at 78.22, marking a decline of -0.26% since its opening. De La Paz calculates the measures of support at 78.04, then 77.65, and finally 77.42. On the ascension, a penetration of 78.27 will initiate resistances at 78.66 and 78.89.