Sasha Singh
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Is USDJPY Again Heading for 103.01 Test ?

USDJPY : 4 Hour Chart

Today USDJPY is heading upward but most probably it will be testing the falling resistance trend line on the pair. There are 2 support trend lines on the chart: one from the August lows and one from the July lows. Currently the pair is testing the support from the August lows. Also seems like there is an upward channel trend within which the pair is trading. So we might see the pair breaking above the falling resistance trend line and find the next resistance from the rising resistance trend line from the rising channel. On the other hand the two moving averages 50 day SMA and 100 day SMA are contracting towards each other and signaling that that the current trend might change.So accordingly the pair might find resistance from the falling resistance trend line and decline. If so the immediate support for tha pair would be at support trend line of the rising channel or at 102.43. Overall the pair currently seems consolidating within one or the other trend. 

USDJPY : Daily Chart

Let's have a look at the daily chart, the pair clearly looks consolidating within a symmetrical triangle. A breakout or breakdown will confirm the bullish or bearish trend respectively. The nearest support the pair will find if breaks down at 101.75. There is a key resistance at 102.72 which the pair is currently testing. It will find the next key resistance at 103.01 if breaks out. Rising above the resistance at 103.01 will open the doors for the pair to 103.91.