I agree. USD/JPY continues slowly rallying today and I too think it will reach 114.40 - 114.50.
The pair extended its upward trend, still holding strong bullish tone. I set my eyes on 115.00 zone.
USD/JPY reached 114.50 as I thought it would, but I think that may be the end of the current rally. Next target is around 113.00 - 112.70.
USD/JPY broke out below 113.00 and I think it will soon reach 112.70. The next target below that is at 112.00 - 111.80.
On Thursday, the yen lost 11 pips of its asset. The day was opened at 113.16, and the top of the day was recorded in the first trading hours at 113.52. Bearing players recorded a bottom at 112.85. And for the last one dollar was worth 113.27 yen.
The dollar / yen tried to lower yesterday, making a bottom at 112.85, but closed higher at 113.28 and hit 113.57 earlier today. We have an upward pin bar near the 112.75 support, as can be seen on the daily chart, which suggests that the price is likely to be up for the upward rally after adjusting down from 114.50 on Tuesday. Traffic signals are bullish for testing at 114.00 - 114.50. On the downside, a clear break and a daily closing below 112.75 will activate my neutral model with short-term downside views.
USD/JPY
Key levels to watch for:
Support: 112.75; 111.20; 109.63;
Resistance: 114.50; 115.50;
The US dollar was down against the Japanese yen on Friday. By the close of US trading, USD/JPY was trading at 112.54, losing 0.65%. I believe that support is now at 112.28, the low of Friday’s trading, and resistance is likely at 114.51 - Tuesday’s high.
It seems bears still in control, while the pair pullback enter consolidation mood, found support at 112.25.
USD/JPY finally dropped to 112.00 and although the pair is still testing that support level I think that a breakout is possible and it could lead the pair to 111.50.
USD/JPY found support at 111.66 and despite the hammer bar that formed on the H4 time frame I do not think this is the end of the move to the downside. Today and tomorrow there will be BoJ news, I think the drop will depend on them.
USD/JPY finally rebounded more decisively from 111.54. I think next target to the upside will be around 112.65 - 112.70.
USD/JPY reached 112.40 before it renewed its move to the downside although it still hasn’t broken out below 111.50. I think I will refrain from new shorts before a breakout.
The US dollar was down against the Japanese yen on Friday. By the close of US trading, USD/JPY is trading at 111.12, losing 0.71%. I believe that support is now at 111.02, the low of Friday’s trading, and the resistance is likely at 112.88, Monday’s high.
The pair remains bearish, technical indicators indicate oversold, upward correction might be expected before further decline.
USD/JPY broke out below 111.50. The trend remains very bearish and I think the drop will last at least until the pair reached 109.50 - 109.30.
USD/JPY rebounded from 110.60 after all and it formed a spinning top bar on the daily time frame. I don’t think that the move to the downside is over in the long term, but for the moment we could see some retracement.
The US dollar recorded a volatile session against the Japanese yen on Monday. The currency pair opened at 111.08 and the price managed to break the first support at 111.00 twice. Eventually, the pair finished at 111.08 and if the bear trend continues, we can expect a new test of the first support level at 111,000.
USD/JPY
Key levels to watch for:
Support: 111.00; 109.50; 108.40;
Resistance: 114.00; 115.40.
USD/JPY retraced back to 112.10 and is testing that level. I think that if it breaks out above it next target will be around 112.60.