Looking at the USD/JPY chart, we can see its impressive run-up extends into this week also, climbing steadily from the 123.5 range on the Apr. 13 to the 126.5 on the Apr. 16 where it consolidated and held on to the gains.
Early during today’s session, there was a near 1% spike from the 126.5 range well into the 128 range, reaching as high as 128.35 but returning temporarily to the 128.2, where it was last found trading. The closest support can be found at the 126.5 range, and 128.34 acts as a temporary closest resistance level.
Today we can expect to move above the 128.35 closest temporary overhead resistance level as the positive momentum is in play. However, if it doesn’t manage to hold consolidation at the current level, a move towards the closest support level of 126.5 can be expected.
