The USD/JPY pair has been steadily rising since the 14th of July 2015, as the buyers were able to drive the price up, from as low as 123.04 to as high as 124.22.
However, the latest correction to 123.96 could possibly signal the retracement of the price to the downside. In the event where the sellers outweigh buyers in trading volume, the price could decline to 123.51 and 123.04 respectively.
In the opposite scenario, where the bulls manage to resume their upward pressures, the price could escalate up to 124.82.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.