USDJPY has been moving in horizontal trend for a long time. Due to the rejection of the upper limit of this consolidation, we have seen declines since the beginning of November. However, this tendency was too weak to reach the opposite limit and recently the pair has moved north again.These increases reached the vicinity of the local resistance at 113,00, where a supply reaction appeared yesterday.
Looking at the H1 interval, we notice that as a result of today’s upward correction the price reached local resistance at 112.68, where supply reaction has just appeared. Permanent rejection of this zone could open the way to new declines. In the short term, therefore, it is worth considering the PUT option on this instrument.
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