Looking at USD/JPY chart, we can see the impressive rally since the start of this month and the extension of the short-term trend carried forward this past week also. Climbing from the 118 range on the 16th of March, clearing the 119 level relatively easily on the 19th and spiking from the 119.25 earlier today and reaching as high as 120.5 now acting as temporary overhead resistance. It was last found trading at 120.44 and the closest support can be found at 119.2 range.
Today we can expect a continuation of the trend and a move above the 120.5 level possibly 121 as positive momentum is still at play.
However, if it doesn’t manage to hold at the current level, then a return towards the 119.2 range can be expected.
(Click on image to enlarge)
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