Looking at {{the 3|USD/JPY}} chart, we can see its consolidation and sideways trading action after the impressive run-up well into the 127 range. It traded between support of 127.3 and overhead resistance of 129.3, with solid consolidation in the 128.5 regions. Earlier today it fell close to the support level and it was last found trading in the 127.8 regions.
Today we can expect to move towards the previous consolidation level of 128.5 and possibly near the 129 level. However, if it doesn’t manage to hold consolidation at the current level, then a move below the closest support level of 127.3 can be expected.
