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USDJPY : Will it be Successful in Reaching 110 Again ?

USDJPY : 4 Hour Chart

USDJPY continues to consolidate within a falling wedge pattern on the 4 hour chart, but as a falling wedge pattern gives a bullish signal it might rise above the resistance trend line of the wedge any time now. Currently it is testing resistance from the previous support at 107.02 and most probably it will rise above it. If the pair is able to hold gains above the falling wedge it will find the next resistance at 107.49.

USDJPY : Daily Chart

On the daily chart, the pair declined to the support level at 106.72 and currently holding gains above it. The demand for US dollar continues to be supported because of the upbeat data and the moving averages pattern on the chart is also signaling an uptrend continuation. The pair will again test the resistance levels at 108.18 and 109.71.