Continuing upward movement yesterday, this morning the USDJPY moving north. It seems that the pair is trying to touch the upper limit of the newly formed channel uphill. The limit is now at 120.05. Usually not easy to penetrate the defense zone as channel restrictions. If the upward momentum is not enlarged at the beginning of the European session, USDJPY likely to back down.
Dynamic support a significant position in the 15-minute chart now at 119.60 and 119.40. Support is more qualified to sustain the rise in the rate is the lower limit of the channel or rising trend line on the 1-hour chart now at 119.05. During the closing does not occur under the area, today USDJPY still inclined upwards.