Yellow rectangle- support area
Thick red horizontal line -resistance
Red lines- Fibonacci extension targets
USDJPY is trading around 132.48 very close to last week's highs. In a previous analysis last week we showed the roadmap of what price was expected to do. Price so far follows our path as it has found support around 130 and is moving higher towards key resistance. USDJPY is challenging last week's highs. Price formed a higher low around 130 and is moving higher. A break above the resistance will open the way for a move towards our first Fibonacci extension target at 134.60. Support at 130 remains key for the near term. A break below 130 will cancel any bullish short-term scenario.