November 13, 2021

Can USD/JPY Reach The Highest Level Of ¥ 114.700?

 Judging by the price chart of the USD/JPY pair, the price appears to have continued its surge at the beginning of the Asian session today (Friday) despite moving slightly flat in Thursday’s trading.


The climb is also seen as if it is doing an experimental action to test the peak of the high since 2017 trading around 114.700 after the price has already overcome the resistance level of 114,000.


Investors are also expected to keep an eye on the weekly time frame which is seen as wanting to form a ‘bullish engulf’ pattern to remove expectations for prices to continue to soar.


The fall in the Yen index, which has fallen to its lowest level since April 2017, has once again ruined the chances of the ‘Samurai’ currency which had previously only wanted to show a rise.


At the time of the opportunity, the greenback continued to find room to remain strong after being supported by the high inflation rate in the United States (US) over the three decades since 1990.


The benchmark US 10 -year treasury yield that soared to near the 1.60% level seems to have little to support the USD currency appearing in style with its dominance.



Further focus is likely to be observed on the resistance zone around 114.460 before it is expected to be able to once again reach the 114.700 high.


Analysts expect that price movements at such highs will be evaluated by investors to see if the price reaction is capable of continuing to climb or slipping back.


On the other hand, the previous resistance zone which is now the RBS (resistance become support) zone of 114.000 is expected to be reached again if the price returns to serve the steep.


A lower steep will see the price slip to the next RBS zone at 113.400 and will pass the Moving Average 50 (MA50) support level for an early signal of a bearish trend.