The USD/JPY pair has been gradually moving higher since the 11th of January 2015, with the upward pressures being noticed from as low as 116.68 to as high as 118.37.
During the course of the session on Tuesday, the pair initially fell to down to 177.23 to subsequently rise up to 118.06, before falling once again down to 117.38. Today, the pair initially advanced up to 118.37 to then consolidate between the levels of 118.06 and 118.37. In the event that the buyers keep pushing higher and the price breaks above 118.37, profit targets could be locked in on 118.57 and 119.03 respectively.
On the other hand, in the scenario where the price finds the 118.37 level to be too resistive and the price corrects below 117.71, the pair could go down to 117.32 and 116.68 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.