USD JPY Analysis & Forecast

The dollar has been helped in the recent days and afresh the 30 pip resistance band of the 23.6% Fibonacci retracement of 118.86/125.85 is back in play at 124.20 and the late rally high at 124.48. The force has ticked higher once more, with the bounce back yesterday dragged the Stochastics higher. The intraday graph demonstrates the broken close term downtrend and the move above beginning resistance at 123.70/80 (which now gets to be steady). On the other hand, I am not going to get energized until there is a conclusive break of the resistance at 124.48, as this position has been seen a few times some time recently. Likewise, the hourly RSI is yet again up around 70 and starting to move over exactly at once where the resistance is being tried, which does not look good for a fast approaching breakout. Key close term backing is presently at 123.30.