USD/JPY: Pair Could Move Below Support

2022.05.05 13:22

Looking at {{the 3|USD/JPY}} chart, we can see the pair reaching a high of 131.25 which was an extension of the latest rally of the past few weeks. However, the next few days, it retracted, initially to the 130 level, where it consolidated for a couple of days. Finally, earlier today, the support of 129.75 was broken, plunging to 128.6, where it temporarily found support.

It was last found trading in the 129.48 regions having the closest overhead resistance in the 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, a move close to the resistance level of 130.5 can be expected.

USD/JPY price chart.

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