The USDJPY climbed steadily to the upside, reaching the 133 resistance level overnight (this was discussed in the post on the 29th and during yesterday's webinar), with a continued push to the 133.50 price level early in the trading session today.
As the USDJPY retraces from the 133 resistance level, if the price breaks below the bullish trendline, a more significant correction to the downside could be expected, with the key support level at 131.70 (61.8% fib retracement level) and the interim level at 132.35 (38.2% fib retracement level).
However, if the DXY bounces from the 102 support level, this could drive the USDJPY higher, with the next major resistance level at 135
As the USDJPY retraces from the 133 resistance level, if the price breaks below the bullish trendline, a more significant correction to the downside could be expected, with the key support level at 131.70 (61.8% fib retracement level) and the interim level at 132.35 (38.2% fib retracement level).
However, if the DXY bounces from the 102 support level, this could drive the USDJPY higher, with the next major resistance level at 135
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