The USD/JPY pair has been trading higher since Thursday, the 17th of March , with the price moving from 110.67 up to 112.20.
Today, the pair initially advanced up to112.21 and then dropped at 111.37, but as of writing the price is trading at 111.75.
In the event that the buyers keep pushing higher and the price breaks above 112.11, profit targets could be locked in at 112.55 and 113.00 respectively.
On the other hand, in the scenario where the price drop below 111.42, the pair could go down to 111.24 and 111.03 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.