USD/JPY: Pair Looks To Break Above Resistance

 | Jan 12, 2022 05:14AM ET

Looking at USD/JPY chart, we can see it was trading in a channel between support of 115.5 and resistance of 116, but there was a breakdown attempt yesterday, Jan. 11, leading to a fall in the 115.1 price level where it found temporary support.

Following that, there was an immediate reaction and a climb towards reclaiming its previous support of 115.5. The pair is trading at 115.4. Today we could expect another attempt to move close and above the 115.5 previous support level and consolidation at the same level.

If it does not manage to hold above 115.4 or at least consolidate, a move towards 115.1 could be expected.