In my brief forecast for today, for the trading instrument USDJPY, I expect further growth of the currency pair towards the next resistance level. Most indicators on the hourly time frame point to an increase in the currency pair towards the next resistance level. The overall trend on the 1-hour chart remains bullish. On the 1-hour chart, we see the USDJPY currency pair near the resistance level of 160.121. Today, I expect a breakout of this resistance level at 160.121 and a consolidation above it, then I will expect further growth of the currency pair towards the next resistance level at 160.363. If the USDJPY currency pair manages to break above this resistance level at 160.363 and consolidate above it, then I will expect further growth of the currency pair towards the next resistance level. However, if the USDJPY currency pair fails to break above the resistance level at 160.363 and consolidate above it, then I will expect a pullback of the currency pair towards the support level at 159.813.
