The USDJPY continues to rally higher and trades at yet another highest level in 6 years. If it is difficult buying at this lofty level, then what level(s) are the next key level to sell (not that others have not already tried to do this and failed)?
Looking at the weekly chart below the 107.34 level is where topside trend line off the May 2013 and January 2014 highs comes in.
USDJPY looks toward 107.34 topside trend line.
Looking at the hourly chart below the 107.22 level is topside trend line connecting most recent highs. ON the downside, the 106.86 is trend line support. Trading against the trend is a difficult game (and I do not endorse it) but if you lean against what are very visible resistance levels, you at least can define your risk in case that trend does continue.
ON the hourly, the 107.22 above and 106.86 on the downside are resistance and support currently.
