Looking at the USD/JPY chart, we can see it rising from the 115.5 price range on the 10th of February, and with a strong move, it climbed up to the 116 range, reaching as high as 116.3 momentarily. After the climb, it manages to hover in that range for a day a 0.6% immediate drop brought it back down to the 115.2 price range. Since then, it formed support at the 115 level and has struggled to move past the 115.75 range which now acts as overhead resistance. It was last found trading at 115.3, having closest temporary support at 115.2 and 115 then.
Today we could expect an extension of the short-term trend and the continuation of the move below the 115.2 and close to the 115 support.
If however, it manages to hold above 115.3 then a move towards the resistance of 115.75 could be expected.
(Click on image to enlarge)
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