USD/JPY: An Expected Move Towards The Resistance Level

Looking at chart, we can see its leg up formation rising from 121.5 on Apr. 1 to the 122.5 range, where it managed to consolidate for a couple of days and formed support at 122.25, which supported its next climb up in the 123.7 range on the Apr. 6.

It reached as high as 124, now acting as the closest temporary overhead resistance, but also managed to keep above 123.4, which can be deemed its closest temporary support level. It was last found trading at the 123.74 range.

Today we can expect to move close to the 124 closest temporary overhead resistance level, possibly challenging it. However, if it does manage to hold consolidation at the current level, then a move towards the 122.7 support level can be expected.

USD/JPY price chart.

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