UsdJpy price is currently around 138.7. As we can see on the chart above the overall trend is on an uptrend. UsdJpy price has rejected the weekly resistance we can expect a drop if there is a solid reversal pattern. On a daily, we can see a resistance breakout, which is around 137.5, and there is a double bottom breakout.
Check out the pattern here.
That’s on daily in H4 we can see resistance breakout and become the nearest support. There are two possibilities price might go due to the recent rejection, maybe the price might go down to test the daily resistance breakout zone before continues to fly. Otherwise, if the price rejects at the nearest support there Is a high possibility for the price breaks the weekly resistance and continues to fly.
Let’s see fundamental analysis, fundamentally USD might go stronger as said in the gold weekly prediction USD might start recovering and maybe can get stronger for nonfarm payroll news. Other than that for Jpy this week there is not much high-impact news so for now USD id ruling the market.
Check out the gold week prediction here.