The USDJPY has been in an obvious trend up and price already broke an important level around 111.40 and move higher. The level that I mention is very important and act as the daily resistance level. After price break higher, this level now acts as the daily support level.
Recently, the price is pull back and looks like ‘respected’ the old resistance/new support level. With the trend that recently still bullish, I will look for an opportunity to go long.
USDJPY daily chart – zoom out
USDJPY daily chart – zoom in