USD/JPY (a 4-hour chart)
The growth in the Japan and the U.S. stock markets, as well as a slight increase in U.S. government bond yields, resulted in the interest in buying a pair dollar/yen growth, which grew slightly. Japanese currency strengthened against the dollar and almost leveled the previous session loss. The cause may be the Bank of Japan head Mr. Kuroda’s statement, that there is no need for immediate action to mitigate the policy as the government increased the sales tax from 1st of April.
The first support is 102.23, the next one is 101.60. The resistance is 103.00.
How strong is the support will be known after its several retests. If the level 101.60 retest will take place against the long consolidation backdrop, we shall expect a bounce up with the rising trend further continuation. The potential upside target will be the resistance level 102.23.