The Path of Least Resistance
Looking at the monthly chart, we can see that the currency pair has broken through channel resistance at ¥150.80, now potentially acting as support. Currently, the pair is up 4.6% for the month, heading towards highs not seen since the 1990s at around ¥160.00. Daily resistance is seen around ¥159.88, just below this key level.
The trend is clearly pointing towards ¥160.00, but there could be a correction before reaching this milestone. In that case, support at ¥156.58 on the daily timeframe is worth noting. This level may attract buyers looking for a dip buying opportunity, with hopes of pushing the pair to new highs and eventually hitting ¥160.00.