The USD/JPY pair has been moving on the sidelines since the 2nd of March 2016, with the price ranging between the levels of 114.25 and 113.10.
On Monday, the pair made a gradual move downwards, registering a course from as high as 113.92 to as low as 113.28. Today, the pair initially fell down to 112.73, to subsequently attempt a retracement to the 113.22 level, but fell down once again to 112.80. In the event that the sellers keep exerting strong pressures and the price breaks below 112.73, the pair could decelerate down to 112.50 and 112.15 respectively.
Alternatively, in the scenario where the buyers manage to gain enough momentum and manage to push the price to break above 113.63, the pair could escalate up to 114.07 and 114.55 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.