The USD/JPY pair has been moving upwards since the 15th of January 2016, with the bulls leading the price from as low as 116.51 to as high as 118.11.
On Monday, the pair rose significantly from 116.65 up to 117.44, before stabilising at this area. Today, the pair kept going higher, with the bullish pressures being noticed from 117.23 up to 118.11, to subsequently fall down to 117.62 at the time of writing. In the event that the buyers resume their previous activity and they manage to push the price above 118.11, the price could escalate up to 118.43 and 118.80 respectively.
On the flip side, in the scenario where the sellers exert strong enough pressures to force the pair below 117.31, the pair could decelerate down to 117.12 and 116.51 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.