By: Dima Chernovolov
USD/JPY continues to rise toward the key hourly resistance level 114.55 which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the 5-bar level – which is the result of the five previous price reversals from this price level. USD/JPY is expected to continue to rise toward the resistance level 114.55.
As can be seen from the daily USD/JPY chart below – the pair earlier reversed up from the support zone lying between the support level 113.55 (which has been reversing the price from December), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from September .The proximity of this support zone increases the probability USD/JPY will continue to rise toward the resistance level 114.55.