The USD/JPY pair has been moving downwards since the 16th of February 2016, with the price moving from as high as 114.87 to as low as 112.29.
During the European session, the price manage to rise up to 113.38. In the event that the sellers keep exerting strong pressures and the price breaks below 112.29, the pair could find support at 110.97.
Alternatively, in the scenario where the price attempts another bounce to the upside and manages to break above 113.39, the pair could reach 113.96 and 114.87 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.