The USD/JPY pair has been trading downwards since Tuesday, the 29th of March 2016, with the sellers leading the price from as high as 113.80 to as low as 112.06.
During the opening of the session today, the pair price open at 112.55, but once again at the early European session, manage to turn back around, with the price dropping down to 112.06. As of writing the pair price is trading at 112.28.
In the event that the sellers resume their previous activity and the price breaks below 112.06, the pair could find support at 111.82 and 111.21 in extension.
Alternatively, in the scenario where the buyers keep exerting strong pressures and the price breaks above 112.48, the pair could go up to 112.72 and 112.93 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.