The USD/JPY pair has been moving higher since Wednesday, the 24th of February 2016, with the price moving from 111.04 up to 113.22.
Today, the pair initially advanced up to 113.22, but as of writing the price is trading at 112.89. In the event that the buyers keep pushing higher and the price breaks above 113.41, profit targets could be locked in at 114.55 and 114.87 respectively.
On the other hand, in the scenario where the price drop below 112.49, the pair could go down to 111.94 and 111.04 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.