FX.co ★ Technical analysis of USD/JPY for January 12, 2021

The USD/JPY pair continues to move upwards from the level of 104.02.

Today, the first support level is currently seen at 103.73, the price is moving in a bullish channel now.

Furthermore, the price has been set above the strong support at the level of 103.73, which coincides with the 61.8% Fibonacci retracement level.

This support has been rejected three times confirming the veracity of an uptrend.

According to the previous events, we expect the USD/JPY pair to trade between 103.73 and 104.80.

So, the support stands at 103.73, while daily resistance is found at 104.80.

Therefore, the market is likely to show signs of a bullish trend around the spot of 103.73.

In other words, buy orders are recommended above the spot of 0103.73 with the first target at the level of 104.41; and continue towards 104.80.

However, if the NZD/USD pair fails to break through the resistance level of 103.73 today, the market will decline further to 102.62 in coming three days.