USD/JPY is in an overall uptrend ( in the short period) during this month the pair dropped around 250 points.
The expectation is for the price to move down till a support level.

Weekly chart:

Weekly chart shows a long term tunnel in which the price ranges from 114 to 104.
A breakout to the upside is certainly possible.

Daily chart:

On the daily chart the possible scenario is described.
I think the price will move down to the nearest strong support level.
But i do not exclude the possibility for the price to move higher erlier.

  • Support Resistence levels : 114.76, 112.79, 110.00, 109.00 , 107.9, 104.78
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