Ok, we´re back to the USD/JPY forex pair again. We can´t help it though seeing as the price has risen almost 150 pips over the last two days. Support and resistance levels have risen since the last time we took a look at the levels for this pair.
Let´s see where these levels stand right now, in order to spot the areas where we might open a buy/sell forex signal.
                                                                    Â
USD/JPY
Resistance                                          Support
1 – 113.85 (mild – the high today)          1 – 113.30-40 (mild – yesterday´s high and 20 SMA on H1 chart)
2 – 114 (medium)                                  2 – 113 (medium – last week´s high and 50 SMA on H1 chart)
3 – 114.50-60 (mild)                              3 – 112.80 (mild 20 SMA on H4 chart)
4 – 115 (strong)                                   4 – 112.20 (strong 50 SMA on H4 chart)
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 Up and up we go                              Â
These are the closest support & resistance levels for USD/JPY which will support our trades in this pair. Although, as mentioned in the previous update, buying dips is the safer option right now. Â
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