USD/JPY is under pressure. The pair is under pressure below its key resistance at 113.40, which should limit the upside potential. The relative strength index is below its neutrality level at 50. To conclude, as long as 113.40 is not surpassed, look for a return to 113.00. A break below of this level would trigger another drop to 112.65.
Alternatively, if the price moves in the opposite direction, a lomg position is recommended above 113.40 with a target of 113.65.
Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position, while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.
Strategy: SELL, Stop Loss: 113.40, Take Profit: 113.00
Resistance levels: 113.65, 113.85 and 114.10 Support Levels: 113.00, 112.65, 112.30
