USD/JPY: Expected a move below the closest temporary support level of 128.6

AAATrade Team AAATrade

USD/JPY

Looking at USDJPY Chart, we can see reaching a high of 131.25 on the 25th of April, an extension of its latest rally of the past few weeks, however the next few days it retracted, initially to the 130 level, where it consolidated for the couple days and finally earlier today when the support of 129.75 was broken, plunging to the 128.6 where it temporarily found support. It was last found trading in the 129.48 region having closest overhead resistance of 130.5 range.

Today we can expect a move towards and below the closest temporary support level of 128.6.

However, if it manages to hold consolidation at the current level, then a move close to the resistance level of 130.5 can be expected.

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AAATrade Team

AAATrade

The AAATrade Team has extensive experience in content writing for the financial industry. Stelios Nikolaou is the lead writer of the team, he currently works at AAATrade to provide research and content writing services.

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