Looking at USD/JPY’s weekly chart, we can see the start of the reversal, which occurred on Nov. 10, rebounding strongly from the 113 price range, which held as support, and claiming the 114 range with relative ease.
The following days it managed to form support at 113.75 range, and the price found resistance at 114.3, which the pair tested twice. It was finally broken on Nov. 16, after which the pair extended its gains, surged upwards in the 114.8 range, and held its ground. The closest resistance level is at 115, and it is currently traded around the 114.9 price range.
Today we could expect a pattern continuation as the positive short-term momentum appears strong. Therefore a move towards and above the resistance level at 115 is in the offing.
However, if it doesn’t manage to hold on to the current level, a move towards the 114.6 range can be expected.