The USD/JPY pair fell a bit during the session on Tuesday, reaching towards the 112 level. We have seen a bit of support just below there though, so a bounce could be coming. If we can break above the top of the candle for the day, then we should reach towards the 115 handle. Alternately, if we break down during the session and find yourself below the 111.50 handle, the market will probably go looking for the 50% Fibonacci retracement level at the 110-level underneath. I still believe in the longer-term uptrend but obviously, we have issues.
Written by FX Empire