USDJPY (109.26): The Japanese yen strengthened strongly against the U.S. dollar last week as price fell back to the support level at 109.15. This was the same support level that price managed to post a reversal earlier in the week. On the 4-hour chart, we can see that price action has managed to recover off the lows and closed above the support level of 109.08. A rebound off this support level could keep USDJPY biased to the upside. Resistance level at 110.72 will be in focus immediately, but above this level, USDJPY could pose a risk of an upside rally towards the next main resistance level at 113.00.
