The USD/JPY pair has been trading upwards since the 20th of January 2016, with the bullish pressures being noticed from as low as 115.96 to as high as 118.19.
On Thursday, the pair went back and forth, rising initially up to 117.45 to fall down to 116.47 and then jump again to 117.76. Today, the pair advanced even higher, currently testing resistance at 118.06. In the event that the bulls keep pushing higher and the price breaks above 118.26, the pair could escalate up to 118.53 and 118.83 respectively.
Alternatively, in the scenario where the market finds the level above 118.26 to be too resistive, the pair could be forced to correct back lower. Once the price penetrates 117.10, the pair could decelerate down to 116.51 and 115.99 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.