The USD / JPY has rallied sharply after finding support at 101.10 level (S2) last week. Rate threshold soared to 101.40 and I think will continue to rise towards 101.85 resistance (R1) or the upper line of the channel side slopes down purple. MACD indicator is above its signal line and seemed ready to receive early positive sign, while RSI has to rise above the threshold of 50, increases the possibility for a continuation of the bull. However, the pair is trading within the channel slope to purple and so are generally short-term trend continues to be down. On the daily chart, I can see a morning star candlestick pattern, increased pro tune next.
Support levels: 101.40 (S1), 101.10 (S2), 100.80 (S3).
Resistance levels: 101.85 (R1), 102.25 (R2), 102.65 (R3).
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