As expected, the USD/JPY price is growing after the consolidation movement. The price is very close to reach the next resistance level from 124,15. As long as the JP225 index continues to go upward, the JPY will continue to decline against all currencies. The US dollar is also very strong in the last two weeks, the short term correction phrase has ended. The outlook is bullish, the price is expected to climb on new peaks.
The support is now at 122.02, the price can test this level again but my feeling is that we’ll have a breakout (the price will break the resistance) this week.