The USD/JPY pair has been moving higher since Friday, the 15th of January 2016, with the moving from 116.50 up to 117.39.
Today, the pair initially advanced up to 117.43. In the event that the buyers keep pushing higher and the price breaks above 117.65, profit targets could be locked in on 117.92 and 118.25 respectively.
On the other hand, in the scenario where the price drop below 117.07, the pair could go down to 116.84 and 116.70 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.