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  • As holiday trade kicks in USD/JPY stalls ahead of 110.00.
  • The pair has been grinding higher as stocks make new highs.

USD/JPY Daily Chart

USD/JPY has been grinding higher for a while now but it seems momentum is wearing thin.

There is now an ascending wedge formation on the daily chart below.  

The price has also taken out both moving averages and they could act as support.

110.00 is the main resistance point now as a break would make a new higher high wave.

The RSI is also in positive territory but is starting to turn lower.

USD/JPY Technical Analysis

Additional Levels