Technical analysis of USD/JPY 10/13/2021
USD/JPY currency pair is moving in an uptrend on the weekly timeframe. Now quotes are in the area of 113.50. The technical picture suggests the development of an upward movement above 117.00 (2016 high). Convergence on the RSI indicator favors the growth of the pair.
The closest resistance is the level of 114.40 (highs of 2017 – 2018).
The nearest support is at the level 111.40.
Cancellation of the option for the development of the growth of the pair will be a decrease in quotes below the level of 109.00, what will indicate a breakdown of the lower line of the ascending channel and (MA 200).
Created by Joshua Hayn