The Yen has been struggling to break through last weeks high with no lack of effort rest assured.
113 seems to be holding its ground and 112.50 out of reach for now.
When it breaks through the 113.38 threshold, it will find sellers scattered all the way through to 113.85 ( 123% fib )
USD/JPY is showing neutral to negative short term picture today.
The pair bounced from the daily low at 112.94 and curretnly is trading around
113.40 level. On the four hour time frame the price is developing above its
bullish, but slow moving averages. Technical indicators are located within negative
areas with the Momentum heading lower. A break below 112.60 will turn into
bearish mode and on the other hand above 113.40, the upside will look more
USDJPY has shown good bullish strength. Donald got half dumped and even then the Yen only managed to pierce through the 113.00 level before getting pushed back up.
Having marginally failed to go through the 113.85 level , it seems like a 2nd try is on the way. Support growing stronger with buyers trailing their stops up from 112.50 to just below 113.00
The USD/JPY pair is on run,performing excellent today. The pair
is nearing a 4-week high and currently is trading few pips below 114.00 handle.
On the four hour time frame the price is showing strong bullish stance, having
the development above its bullish moving averages. Technical indicators are
standing well above their midlines and are showing good upward strength. The
scale is leaned to the upside, with gains beyond 113.85 opening doors for an
extension toward 114.54, October monthly high.