This month the yen has risen relative to all major currencies amid stock and commodity markets falling that increased demand for the "safe haven" currencies.
High demand for the yen in anticipation of the end of the month, as well as expectations that the Japanese Central Bank will not conduct any intervention before the G20 meeting, scheduled for the end of this week, could further strengthen the Japanese currency.
The first support resides at 111.40, the next is at 110.60. The first resistance stands at 112.20, the next one is at 113.00.
There is a confirmed and a strong sell signal. The price is under the Ichimoku Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is decreasing.
We suppose the pair will go to 112.20 first. Having overcome the first target the price might go upwards to 113.00.