USD/JPY Continues Its Climb, But Obstacles Loom Ahead
USD/JPY has been climbing higher over the last two weeks or so. It tried to break below the 1.08 support level for the third time, but it failed and since then there has been one way traffic.
As you can see on the H4 forex chart above, last week this forex pair traded in a 100 pips range which narrowed as the week came to an end.
USD/JPY finally broke the range today
Last night though, the range was broken on the upside and our buy forex signal here hit take profit. But now we are back down and inside the range again.
The Buck has been weak in the last few hours this morning. The USD/JPY has been even weaker for longer since last night when it met a certain moving average.
If we switch to the daily USD/JPY chart, we see that the 100 SMA (green) has been providing resistance lately. It did so again today, even though it was breached for a short period of time.
The 100 SMA is providing resistance though
I can´t deny the buying pressure over the last two weeks. The larger timeframe charts are still pointing up, which can be seen on the weekly chart.
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