The USD/JPY pair initially tried to rally during the day on Friday, but turned around to test the 112 level. Ultimately, the market does see a significant amount of support just below, so having said that it’s likely that the market will try to bounce from here, but a breakdown below the 111.50 level should send this market down to the 110 handle. Either way, expect what a bit of volatility as this market continues to bounce around due to skittish markets and of course the possibility of headline risks around the world.
Written by FX Empire