Looking at {{the 3|USD/JPY}} chart, we can see the rally initiated on May 27 after a brief pullback from its highs. It gradually climbed from the 127 to the 128 level on May 31, and with positive momentum on its side, it reached 129.5 level during yesterday’s session.
Early today’s session, we saw the leg up into 130, reaching as high as 130.2, and was last found trading in the 129.9 level. The closest support level can be found in the 128.5 regions, and the crucial overhead resistance level is the YTD high of 131.2.
Today we can expect an extension of the short-term trend and a move in the 130.3 range as the positive momentum is on its side. However, if it doesn’t manage to hold on to its current level, a move towards the 128.5 closest support level can be expected.
