On the USDJPY daily chart, we can see that the pair is reacting for the second time from Nov.16-Jan.17 swing up 38.2% Fibo retracement 112 level. Recent price action has formed a range from 112-115.360. An intraday break above 114 could lead to a test of upper range 115.360 level. Only on a daily close below 112, there is a scope for 110 level to be tested.
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