The yen strengthened against the dollar fast on Tuesday. USDJPY pair moving down from 120.98 to 117.92 and closed at 119.68. Since this morning until now USDJPY is still engaged in a range of relatively thin, above the moving average paa daily chart which apparently still carrying out its role as a support. At yesterday’s session the price was under the moving average (now at 119.15) but ended up on it.
From the latest indication, USDJPY opportunity to make corrections to medium term rising trend with the first target at 116.85. Efforts in that direction will be maintained today for intraday resistance at 119.50 and 119.95 zone persist.