There’s no mercy for the Japanese yen. USD/JPY at 115 seemed imaginary just less than one week ago when the pair traded well under 110. In the latest Asian session, dollar/yen broke above 115 and hit a new high at 115.50 but at the time of writing, the pair stands at 114.54, around 100 pips lower. Here are the levels to watch: We’ll begin by looking down, using the hourly chart: On the downside, 114.80 provides support after capping the pair on the way up earlier in the week. Further down, we have 113.15, a level that provided support before the recent rally. The next level is support at the gap line, at 11.250. USD/JPY had a Sunday gap and wasn’t able to fill it. There’s not much below until 110. And now, to the upside, using the monthly chart: Looking to the upside, the round number of 115 is still psychologically important, but it’s also important to note the new high of 115.50. Moving higher, we are back to more levels last seen in 2007, seven years ago. 118 was the peak in October 2007, before a very big fall. It is then followed by 120, which is a very round number and also a peak seen earlier in that year. Above, 122.20 was stubborn resistance at the time, and the last big level is 124. Beyond this number, we have levels last seen in 2012, and that’s really out in the horizon. For more, see the USD/JPY forecast. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next Markets await ECB decisions FxPro - Forex Broker 8 years There's no mercy for the Japanese yen. USD/JPY at 115 seemed imaginary just less than one week ago when the pair traded well under 110. In the latest Asian session, dollar/yen broke above 115 and hit a new high at 115.50 but at the time of writing, the pair stands at 114.54, around 100 pips lower. Here are the levels to watch: We'll begin by looking down, using the hourly chart: On the downside, 114.80 provides support after capping the pair on the way up earlier in the week. Further down, we have 113.15, a level that provided support before… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.