The USD/JPY pair has been oscillating mostly between the levels of 121.38 and 120.35, since the 28th of October 2015.
An upward movement was noticed since the 2nd of November, with the buyers leading the price from as low as 120.28 to as high as 121.37. Provided that there is enough resistance at that level, the pair could be forced lower. In the scenario, where the sellers manage to force the price below the level of 120.85, the price could decelerate down to 120.70 and 120.54 in extension.
Conversely, in the scenario where the buyers keep exerting strong pressures and push the price above the level of 121.38, the price could escalate up to 121.46 and 121.79 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.