USD/JPY Reached 111.40

USD/JPY has been moving to the upside for weeks now, ever since it reached the support at 106.00 and today it finally reached the resistance level at 111.40. So far, however, the trend has been bearish and a reversal is still nor confirmed, especially considering that the pair hasn’t formed a new high above the previous high at 111.88. Right now there are two probable scenarios – USD/JPY will either break above 111.40 and continue climbing towards 111.88, which also coincides with the (MA)89 on the daily time-frame, or it will bounce off the current resistance level at 111.40 and start falling back towards the support at 109.00.