USDJPY currency pair for few days is in the focus of many traders and investors. All this thanks to the unrelenting demand is strengthening US dollar.
Although the gains in the currency pair has been ongoing since 27 September, but vast dynamic acquired starting from the beginning of November. From the time when as a result of the presidential election results in the US market overcame the level of 105.35, there was no resistance being able to stop this train. Even though it would seem extremely important level of 107.60 it was defeated without the slightest problem.
Currently, we are approaching the resistance area around 111.25 level and despite the fact that the market has not yet reached exactly the same zone, we have seen a very strong response from supply side.
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if today the market ends week at current or lower level, then it is very likely that next week we would see declines for which the potential range would be around 107.60 level ( already mentioned ) or even as low as to 105.25.
Looking at the graph H1we can notice that the market for several days is moving in the growth channel and if we could talk about a potential change of market sentiment we would require breakdown, which would also be defeating local support 109.70 coinciding with the level of momentum 50% correction Fibonacci from the ongoing yesterday growth pulse.
