After a consolidation for a few days the pair saw a big dip before regaining momentum and moving upwards again. This downward move is mainly due to the rise in trade tensions between the U.S. and China. With no news around the Yen, the focus remains on trade concerns.
After remaining in consolidation for a little while, USD/JPY saw a significant downwards move towards yesterday's support at 110.87 and formed a new support level at 110.78 before changing its direction and moving upwards again. Now the pair is likely to continue moving upwards towards the 111.25 resistance level and may even break it and continue towards the 111.40 area.
Support: 110.78 110.67
Resistance: 111.25 111.40