Technical analysis of USD/JPY 06/01/2021
USD/JPY currency pair develops an upward movement within an uptrend on the daily chart. The pair broke through the resistance at 109.70, finding the next one at 110.20.
The pair is currently trading at 109.50.
The technical picture suggests a continuation of the upward movement to the annual high of 111.00.
Cancellation of the option for the growth of the pair will be a decrease in quotes below the level of 107.50 (38.2% Fib) and (MA100), what will mean a possible continuation of the downward correction to the level of 106.70 (50% Fib) on the daily timeframe.
Created by Joshua Hayn