The currency pair is trading in the green and seems motivated to climb higher in the upcoming period. Price is challenging a very strong dynamic resistance right now, a valid breakout will announce a further increase. Remains to see what will happen in the upcoming hours because United States data could shake the markets a little bit.
Technically, is somehow expected to climb much higher as the Yen could take a hit from the Nikkei’s further increase, while the USD should increase as the USDX rallies again. The index is trading right above the 93.60 level and approaches the 93.68 former high and a dynamic resistance.
The dollar index should climb much higher in the upcoming period as the behavior changed and because the Federal Reserve is still expected to hike the interest rate in December.
The price increased and resumed the Friday’s minor bullish candle. Is trading in the green and tries to take out the dynamic resistance from the median line (ml) of the minor ascending pitchfork. USD/JPY moves in range on the Daily chart.
Price increased after the failure to retest the median line (ml) of the minor descending pitchfork. It was attracted by the confluence area formed between the median line (ml) of the ascending pitchfork with the upper median line of the minor descending pitchfork.
A valid breakout through the mentioned confluence area will accelerate the bullish momentum, while a false breakout followed by a rejection will send the rate towards fresh new lows.
