Looking at USD/JPY chart, we can see the fall of the price from the 115.7 range to the 115.4 range, but then early hours of Mar. 5 it plunged 7% further into the 114.6 range where it formed to support.
Since then, it gradually climbed higher, with an impressive steady pace, consolidating along the way. It climbed above the 115.4 range on Mar. 6 and above the previous resistance of 115.7 level during yesterday’s session.
It reached as high as 116.2 earlier in today’s session, making it the closest temporary overhead resistance level, and 115.7 now acts as the closest support level. It was last found trading at the 116 range.
Today we could expect an extension of the short-term trend and the continuation of the move above the 116.2 closest resistance level. If, however, it doesn’t manage to hold above the 116, then a move towards the support of 115.7 could be expected.