Looking at USD/JPY Chart, we can see its impressive run extending into this week also, climbing from the 123.5 range on the 8th of April to the 124.25 and rallying well into the 125.5 range on the 12th of April with relative ease. There was a retraction on the 13th of April causing it to fall to 124.75 where it bounced and reached as high as 126.25 but unable to consolidate it fell lower to the 125.3 range where it was last found trading. The closest support can be found in the 124.75 range and 126.25 is deemed as the closest overhead resistance.
Today we can expect to move close to the 126.25 closest overhead resistance level.
However, if it doesn’t manage to hold consolidation at the current level, then a move towards and below the closest support level of 124.7 can be expected.
(Click on image to enlarge)
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