Looking at the USD/JPY chart, we can see the fall from the 129.5 range on the May 16 to the 128.5 range on May 19 and then further below to the 127 level where it found support, leading to the bounce to the 128 where it has been trading since. It was trading at the 127.66 level, with the closest support at 127 and the closest overhead resistance at the 128.25 level.
Today we can expect a move towards the 128.25 closest overhead resistance level as longer-term support is around 127. However, if it doesn’t manage to keep consolidation, then a move towards the 127 level can be expected.
