The yen gained slightly in Asia on Wednesday, following downbeat central bank minutes and data on corporate prices, as well as Turkey tensions, with USD/JPY trading at 122.47.
The USD/JPY pair has been trending downwards, since the 18th of November 2015, with the bears leading the price from as high as 123.74 to as low as 122.26.
In the scenario that the bulls manage to move the price above the level of 123.00, the pair could escalate up to 123.18 and 123.74.
Conversely, in the scenario where the bears resume their downward activity and the price breaks below 122.22, the pair could decelerate down to 121.28.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.