YEN has been a rather mixed bag since Nov 2016 when a pair like EURJPY had a gain of more than 1 100pips! Then came a 900 pip pullback over 4 month period that triggered another rally of 1000+pip in mid-April! This pair has been acive, but also erratic, some will say, but since July last year, this pair has been making what appears to be an ascending channel on the WEEKLY chart. The channel started forming after a 4000p drop in late 2014. It’s important to understand the bigger picture on pairs to enable us to trade shorter term.
On the Daily time-frame this pair closed above the 123.60 price level that was a key level for buyers to break if they intended to move higher and this took the pair up to 125.80, but then the pair moved right back to the 124.20 handle. There is a lot of “noise” on this pair and we need to see what happens with the 124.20 handle again this coming week. Resistance is now at 125.80 and support at 123.60.