Looking at the USD/JPY chart, we can see its impressive run extending into this week, climbing from the 123.5 range on Apr. 8 to the 124.25 and rallying well into the 125.5 range on the Apr. 12 with relative ease.
There was a retraction on Apr. 13 causing it to fall to 124.75 where it bounced, reaching as high as 126.25. But the pair was unable to consolidate at that level and fell lower into the 125.3 range, where it closed its last trading session.
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 USD/JPY 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.
