At the end of the month I like to do some monthly analysis and look at how the month closed and to get a better feel for the longer term perspective.
Technically the yen looks poised for further gains since closing below the previous month's lows.
I use depending on the asset class the 10 or 20 on the Monthly Charts to determine what type of trend a market is in. In this case, we have a monthly close for March exactly on the 20 . So anything can happen here. If bulls take control and manage to close above March's highs then it is probable that we test the 124 handle. On the other hand, if April closes below the 20 and March's lows then it is very likely that November USD/JPY bulls will begin to liquidate their long positions and the cross pair can head to test the 100 - 105 handles.
Monthly has been on a downtrend since topping out in December of 2014. So strength still remains biased to USD/JPY bears.
Feel free to share ideas and open discussion in the comment section!
Manage your risk, trade smart and with a plan. =)