The USD/JPY pair has been trading downwards since the 29th of January 2016, with the sellers leading the price from as high as 121.68 to as low as 114.16.
On Monday, the pair fell from as high as 117.48 down to 114.20, but once again during the Asian session, manage to turn back around, with the price rise up to 115.34. In the event that the sellers resume their previous activity and the price breaks below 114.16 the pair could find support at 112.15.
Alternatively, in the scenario where the buyers keep exerting strong pressures and the price breaks above 117.08, the pair could go up to 117.93 and 118.82 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.