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USDJPY : Trading Between Key Support and Resistance

USDJPY : 4 Hour Chart

USDJPY seems like experiencing support from the rising support trend line on the 4 hour chart. After falling down from the resistance at 102.99, the pair found support from this trend line and again trying to rise. If looking at the moving averages the 100 day SMA is moving towards the 200 day SMA and might cross above it signaling a continuation of uptrend. So the pair might break above the resistance at 102.99 and rise as the trend seems bullish.

USDJPY : Daily Chart

Looking at the daily chart, we can see that the 102.99 is the key resistance and breaking this resistance might open the door for 103.77 level. Also 102.24 which was earlier acting as resistance for the pair will now act as a support for the pair.