Key levels to watch for:
Support: 112.90; 110.90;
Resistance: 114.30; 115.40;
Interesting forecast! :)
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.
Support: 112.93; 112.28;
Resistance: 113.68; 114.49;
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.
Resistance: 112.90; 114.30; 115.40;
The US dollar rose against the Japanese yen on Monday. The currency pair opened at 112.11 and the dollar added 49 pips after steady upward movement. Graphics continued to grow below moving averages, while the relative strength index remained neutral. In the short term, positive outlooks have a predominance, with key levels at 112.90.
The dollar lost positions against the yen on Monday. The US currency broke the positive momentum from the end of last week. However, short-term expectations remain for its benefit. The session started at a price of 111.47, the trend was bearish all the time. The pair hit the bottom at 110.83, breaking the first support at 110.94. The finish line was cut at 110.08.