USDJPY has been showing strong bullish strength for the past few days creating higher highs and lows.
Price has broken a descending trend line on the hourly chart and is now reacting off support @111.981. I will be looking to take profit around a major resistance level 112.240.
Once price does react off that major 112.240 resistance level the USDJPY could see sellers come into play down to a major support level 111.815, where I then believe price could begin to range and with high economic data for both the US and JPY this week we could see some high volatility uncertainty in with this pair.
Price has broken a descending trend line on the hourly chart and is now reacting off support @111.981. I will be looking to take profit around a major resistance level 112.240.
Once price does react off that major 112.240 resistance level the USDJPY could see sellers come into play down to a major support level 111.815, where I then believe price could begin to range and with high economic data for both the US and JPY this week we could see some high volatility uncertainty in with this pair.