The Dollar Yen pair had just made a new High for 2010 today on 4 May, while Japan is on the Golden Week holidays.
Coincidentally, the recent 2010 high was just made in the beginning of last month. Thus, with both Highs in mind, there is a potential Resistance Zone formed for USD/JPY to find a support after the recent bull rally.
The 4 hourly chart reveals a possible upward trend and the recent Price movement forming a rising wedge.
4 Hourly Chart of USD/JPY
The convergence of the resistance trendline and the rising wedge suggested a possible consolidation is underway.
