The Yen was falling against the USD all week after opening at 122.93 on Monday. This morning, the price settled near 124.00. A bunch of important news is released in the US today at 3:30 pm (GMT +3), of which the most important is the publication of Annualised GDP figure. Markets expect an increase from -0.7% to -0.2% which would indicate the growth of the US economy.
On the 4-hour chart, Bollinger Bands are moving upwards and the price remains between the top and the middle lines. The most likely is the upward movements of the pair which confirms the fundamental analysis.
Support and resistance
The nearest support level is 123.36 (the middle line of Bollinger Bands).
Resistance level is the top line of Bollinger Bands at 124.35.
The nearest resistance level at 124.35 is likely to be overcome today. Open long positions after the breakout of this level with the target at 124.55 (or turn “trailing stop” on). Otherwise, open short positions below 123.80 with the target at 123.36.Publication source