As I thought USD/JPY reached 111.55 and even fell a little below that level before rebounding from it and returning to the resistance of the range around 112.50. I think a possible break out above it would mean a rally to 113.00 or even 113.40.
The US dollar recorded a rise against the Japanese yen on Tuesday. The session started at 111.72 and finished 50 pips higher. Graphics continued to grow above the moving averages, while the relative strength index remained neutral. In the short term, positive attitudes prevail, with levels at 110.90 and 112.90 continuing to play a key role in the upcoming direction.
The US dollar recorded a decline against the Japanese yen on Thursday. The session started at 112.81 and the price managed to double the resistance at 112.90. After all, the dollar ended at 112.33 and in case the price continued to fall, the dollar would head to the first support at 110.90.
The US dollar was up against the Japanese yen on Friday. By the close of US trading, USD / JPY was trading at 112.50, adding 0.18%. I believe that the support is now located at around 111.47, Monday's low, and resistance is likely at 113.27 - the maximum of Wednesday.
On Monday, the currency pair dollar/yen recorded a volatile session. The day was opened at 112.62, and at the end of the day the pair reached 112.75. The rate repeatedly resisted the resistance at 112.90, but failed to establish itself above it. This brought a peak for the bulls at 113.05, and the bears only reached the bottom at 112.44.