The USD/JPY pair has been in an aggressive bullish trend since the 8th of July 2015. The strong buying activity has pushed the price from as low as 120.45 to as high as 123.71.
The latest correction to 123.38 could possibly mark the retracement of the currency pair to the downside. Provided that the sellers gain momentum and the price breaks below 122.95, the new profit targets could be set at 122.06 and 121.66 respectively.
In the event where the buyers resume their upward pressures and the price breaks above the level of 123.71, the pair could escalate up to 124.37.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view