USD/JPY rebounds ahead of tough resistance

FXStreet (Guatemala) - USD/JPY is trading at 114.82, down -0.02% on the day, having posted a daily high at 114.89 and low at 114.71.

USD/JPY’s has maintained its form into the Asian open in Tokyo while the advance was checked on Friday with short-term patterns suggesting some fairly stiff resistance in the mid 115’s as analysts at TD Securities noted.

“The 114.00/15 area will remain something of a swing point for the USD early this week though; below support there and the USD may backtrack modestly (113). Despite the extensive move up in the USD over the past few weeks, the underlying trend here remains strongly aligned in favour of USD strength, however, and that suggests limited scope for USD weakness near-term and the likelihood of a strong bid for the USD on dips”.

USD/JPY noteworthy levels

With spot trading at 114.82, we can see next resistance ahead at 114.82 (Daily Classic PP), 114.89 (Daily High), 114.92 (Yesterday's High) and 115.17. Support below can be found at 114.71, 114.62 (Hourly 20 EMA), 114.57 (Hourly 100 SMA), 114.26 (Weekly Classic PP) and 114.05 (Daily Classic S1).