Watch the video for a summary of this week’s news releases and a complete top down analysis of the USDJPY which is potentially failing at the 114.54 to 114.72 monthly resistance area.
Monthly support at 112.21 and 110.96, resistance at 114.54 and 114.72.
The monthly chart is in an uptrend and price has tested the 114.54 to 114.72 monthly resistance area. Will price hold at major resistance and reverse back down within the long term range or breakout above 114.72 monthly resistance?
Weekly support at 112.62, resistance at 114.20.
The weekly chart is in an uptrend. However, last week price rejected the 114.54 to 114.72 monthly resistance area closing on its low suggesting a further decline this week.
Daily support at 112.62, resistance at 114.69.
The daily chart trend remains up but has sold off following the test of the 114.54 to 114.72 monthly resistance area. A further retest and failure at the monthly resistance area would signal a reversal in the immediate trend and present an ideal opportunity to sell at a strong resistance area.
Should price reverse the short term target would be 112.21 monthly support, followed by 110.96 monthly support.
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