The dollar hit a ceiling at 116.20 yen after a good spurt of bullish interest in the new year.
USDJPY will still be on track for 117.65 and then 118.55 if the sentiment holds. Otherwise, 115 yen should be a strong enough pivot to support.
On the intraday H4 and H1 charts, spot has pretty much stalled for now ahead of the weekend. The trend is still up on the H4 but the 60MA on the H1 has started to turn down, which should provide more daytrading action in the lower timeframes.
The targeted support and resistance levels are in the latest colored boxes on the respective charts.
Price action would have to cross their respective colored zones to confirm any meaningful change or extension in trend.
As always, all prior support and resistance lines were still respected and will likely continue to be.
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All displayed chart support/resistance lines are either historical levels or actual confirmed order book levels currently being traded by major players based on available market intelligence.
Disclaimer: This content is for educational purposes only. It does not constitute trading or investment advice. Past performance does not indicate future results. Do not invest more than you can afford to lose.
