Sellers are trying to intensify their control over the market. They increased selling pressure during the night and morning trades trying to leave the current range. Unfortunately, all their attempts were useful and faced buyers’ resistance. The resistance lies at 113.00, the support comes in at 112.00.
The USD/JPY pair is trapped between 112.50 and 113.00. We believe that the spot will continue its consolidation phase today. We do not exclude other sellers’ attempts to leave the range.