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USD / JPY rose in the European session to 115.36, returning to the price level of November 26, 2021. At this moment, the pair is approaching the 21 SMA around 115.03. A technical bounce is likely at this level and the price could go back to test the resistance zone of 115.36.
A sharp breakout of the uptrend channel formed on December 17 could confirm the start of a trend reversal and there could be a decline in USD / JPY towards the key level of 2/8 Murray level and the 200 EMA, both located at 112.50.
The eagle indicator is in a strong overbought zone. It has tested the 95-point level on several occasions which represents an imminent correction in the coming days. We should wait for a confirmation below 115.00 to be able to sell or a pullback towards the resistance zone at 115.30 or up to 115.62 (4/8).
The overall trend for USD / JPY remains bullish according to the 4-hour chart. We can see that the yen is still trading within its uptrend channel. A drop below 115.00 could lead to an extension of the correction and a change in trend in the short term. Supports can be seen at 114.84 (6/8) and 114.06 (200 EMA).
The yen has been weakening in the last weeks of December due to the strong performance of stocks and Wall Street indices. Investors preferred to invest in risky assets pending the resumption of market volume in the first week of January. If in the next few days, the employment report confirms a recovery in the US labor market, we could see investors taking refuge in the yen and USD/JPY could fall until the support of 114.06.
Our trading plan is to sell if there is a pullback to the resistance zone of 115.36 or to wait for a consolidation below the 21 SMA around 115.00, with targets at 114.84 and 114.06. The eagle indicator supports our bearish strategy.
Support and Resistance Levels for January 03 - 04, 2022
Resistance (3) 115.62
Resistance (2) 115.44
Resistance (1) 115.29
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Support (1) 115.01
Support (2) 114.84
Support (3) 114.54
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Sell below 115.00 (21 SMA) or i case of pullback at 115.30 with take profit at 114.84 (3/8) and 114.06 (200 EMA), stop loss above 115.35 and 115.62.
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