USDJPY (114.26): The USDJPY closed with a doji candlestick pattern on the daily chart on Friday. This comes near the resistance level of 114.31 – 114.07. Price action has been struggling to break out from this resistance level in the past few sessions but with little success. On the 4-hour chart, the inverse head and shoulders pattern was, however, validated as USDJPY broke out above 114.24. As long as this price level holds, USDJPY could be seen pushing higher. A close below 114.24 on the intraday basis could, however, signal the sideways momentum to continue.
