The pair USD/JPY has broken to the downside but does not confirm yet a deeper correction.
Indeed, after the significant rally to the upside which has marked a pause in the range of 112.30/113.20, we observed a break to the downside on Tuesday.
The threshold of 112.30 gave to a fall in the direction of the 112, but USD/JPY has found support in this area, causing a new phase of consolidation with a resistance around 112.50.
In the case of a break above this resistance, we could have a increase in the direction of 112.85, 113.00 and 113.20.
For the reduction, it will be necessary to break below the 112.00 to resume the bearish correction in the direction of 111.60 in a first time.
Below, the fall could continue towards the 111.00/110.75.
The pair USD/JPY is currently trading at 112.35 on Forex.
Chart USD/JPY H1