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USDJPY : Next Resistance Level Near 111 ?

USDJPY :  Hourly Chart

US dollar weakened against Japanese Yen after reaching 6 year high as it found resistance and the mixed data from US yesterday didn't convince investors about the growth in the economy. On the hourly chart, the pair seems like trading within a rising channel trend and declined from the rising resistance trend line of the channel. Now if it will continue to decline the nearest support it will find from the rising support trend line. The moving averages and stochastic oscillator are also giving a buy signal so the trend remains bullish. The 50 day SMA is heading upwards and the stochastic moving average has moved to oversold territory, we can consider this as a buy signal.

USDJPY : Monthly chart

On the monthly chart,the next resistance the pair is approaching seems to be at around 111 if it breaks above the resistance at 108.51 which it is currently testing.