The USD/JPY pair has been trading upwards since the 11th of February 2016, with the buyers leading the price from as low as 11.98 to as high as high as 121.68 to as low as 114.50.
In the event that the sellers manage to gain ground and force the price below 113.05, the pair could find support at 112.61 and 112.24 in extension.
Alternatively, in the scenario where the buyers keep exerting strong pressures and the price breaks above 116.03, the pair could go up to 117.24 and 118.75 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.