The USD/JPY pair has been under strong upward pressures since the 8th of July 2015. However, after reaching the high of 122.86 the price corrected to 122.59.
In the event where the sellers outweigh buyers and the price breaks below 122.30, this could mark the beginning of bearish market, with the pair possibly declining as low as 121.63 and 121.37 respectively.
Alternatively, in the scenario where the uptrend prevails and the price breaks above 122.86, the bulls could push the currency pair up to 124.04
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.