Looking at USD/JPY chart, we can see it didn’t hold the 114.7 price range last week, causing it to fall to 114.3, which held firmly. After consolidating, it surged upwards, breaking through the temporary resistance previously found at 114.8, holding above it and claiming it as a new support level.
Since then, it made another attempt to move higher, reaching as high as 155.35 during yesterday’s session but cooling off and retracting to 115. It started to climb again earlier today, surging upwards past 115.35 and well into 115.6. It was last found trading at 115.52, having closest temporary support at 115 and then 114.8.
Today we could expect an extension of the short-term trend and the continuation of the move into the 115.8 range. If, however, it does not manage to hold above 115.5, then a move towards the support of 115 could be likely.
