Tuesday, June 12, 2018

USD/JPY Is Moving Toward The Resistance Trend Line

 The pair looks like the USD is preparing to test the resistance trend line of the channel which has started developing in January 2016 from 114.386. I think it will test it around 111.40 – 111.50.

The interesting part will start once the pair reaches the trend line. If it overcomes the resistance and remains above the trend line we could expect a solid rally of the USD.

In the alternate scenario there could be a depreciation toward the support trend line.
Tomorrow FED is expected to hike the interest rate which could give the US currency a serious push north.

Whatever the market chooses, I think the news coming out of the USA will be the catalyst of that movement and until then we could expect the pair to remain undecided.