USDJPY currency pair for three weeks moves in a growth channel. As a result of these increases on Friday price overcame a very important resistance level around 114.70, thus opening the way for further growth. We see reactions from supply side and perhaps in accordance with the principle of changing poles in near future market decides to test and re-testing rejects the mentioned level of 114.70 from the top (as support). Appearance in this area response of demand is supported by the fact that this level is in the vicinity of momentum 50% Fibonacci correction of the last impulse of growth.
Looking at the weekly chart we see that the potential growth could reach in the near future vicinity of an important resistance 116.80 where we expect emergence of supply.
