KANCHI

USDJPY overview: 112.4 can be upside barrier?

FX:USDJPY   U.S. Dollar/Japanese Yen
64 0 1
https://jp.tradingview.com/x/GtUId5Lc/
Upside trend continued this week and went over the butterfly resistance (Magenta). Friday market shows "take profit" resistance at Monthly R3 at the end of the Tokyo market which is normally observed on Friday. But the price turned back up during the NY market which I believe means this uptrend will continue next week.
If the price continues uptrend, club pattern at 112.4 is the expected next strong resistance from same base trend. This price is also 50% level of the overall historical downtrend (125.8 - 98.8: Brown) Therefore strong resistance is expected around there.
Other than that, I would say 114.4 is the next resistance price because of the 1.5 of the Magenta base trend and also top edge of the next level base trend (Blue)
Even the price breaks 112,4, we may have difficulty to keep the direction up until 115.0. If we take a look at the left side historical trend, mid Feb - E.O. Mar in 2016 shows 7wks of up/down.
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