USDJPY consolidation

Intermediate

USDJPY has reached a crucial level of resistance, at 112.50 to 113.00 where 2 trendlines converge on the daily chart (down trend from December 2016 and the broken up trend from September 2016).

This is also clustered close to the 78.6% retracement from the previous swing lower.

This short opportunity, however, is counteracted by a strong move up over the past few weeks with a weakening Yen, coupled with a break of the 200MA on the daily and weekly charts.

A break of 113.00 would see a move up to 114.50 (Triple Top), which previously led for the last move down to 107.00 from May 2017.

Consolidation expected.

USDJPY Consolidation
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