USDJPY currency pair at the beginning of this month reached the key resistance area located within the 114.52 level. The chart below H4 shows several attempts to break through the said resistance. However, they did not achieve a positive result.
Earlier we witnessed a strong growth impulse. Therefore, the current weakness may be a harbinger of incoming correction.
In addition, today has been broken trend line shown on the chart below. We look forward now for breaking local low at 112.87. Falling price at this level may trigger further declines.
The closest support in this scenario can be seen in the area of 111.34 / 60.
The above analysis was carried out on the account of broker XM, which offers $ 30 to start!
