USD/JPY Technical AnalysisUSD/JPY opened the week at 117.80 and quickly dropped to a low of 116.54, testing support at 116.88 (discussed last week). The pair then reversed directions and climbed to a high of 118.24. USD/JPY was unable to consolidate at these levels and closed the week at 117.15.Live chart of USD/JPY:USDJPY chart by TradingViewTechnical lines from top to bottom:121.44 is a strong resistance line.120.25 is protecting the symbolic 120 level.118.79 held firm in resistance for a second straight week. This line was last breached in February.117.52 remains busy and has switched to resistance. It is an immediate line.116.88 is a weak support level.115.48 is next.114.55 marked a high point in March.113.04 is the final support level for now.I remain bullish on USD/JPYAlthough trading will be light in the US this week, it’s business as usual in Japan, so we could see the dollar resume its rally if Japanese indicators don’t meet expectations.
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