The USD/JPY pair has been moving upwards since the 11th of February 2016, with the bullish pressures being noticed from as low as 110.96 to as high as 114.84.
During the course of the day on Wednesday, the pair initially fell down to 113.37 but found enough support to turn things back around and reach the high of 114.51. The pair finished the day at 113.76. Today, the pair rose to 114.31, but fell down to consolidate around 113.92. In the event that the sellers keep exerting strong pressures and the price breaks below 113.15, the pair could find support at 112.74 and 112.32 respectively.
Alternatively, in the scenario where the price attempts another bounce to the upside and manages to break above 114.51, the pair could reach 115.01 and 115.66 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.