The USD/JPY pair is strongly trending upwards since the 8th of July 2015, as the buyers were able to lead the price from as low as 120.52 to as high as 124.01.
The pair has recently stabilised above 123.57 and below 124.01, at 123.89. This could be a good indication that the sellers might gain momentum and force the currency pair down to 122.20 and 121.37 respectively.
Alternatively, in the event where the bulls resume their buying activity and manage to push the price above 124.49, the pair could escalate up to 127.00.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.