The USD/JPY pair has tested the 113.00 barrier and is still below it. Stochastic loses its positive momentum in the daily time frame due to the last tight trading, supporting the chances of moving downwards to resume the overall bearish trend. Therefore, we still follow our bearish overview on the short-term basis as long as the price is below the 113.97 level, which targets 110.00 followed by 106.63 levels mainly. A breach of the 113.97 level will lead the price to retest the most important resistance for the short- and mid-term trading at 116.14 before any new attempt to decline.
We expect the trading range for today to be between 111.00 support and 113.50 resistance.