USD/JPY’s bounce from 111.00 has ended up clearing resistance at 111.46. So, the pair could rise further toward 111.75-111.80 during the day ahead.
The currency pair had dived out of the rising channel yesterday, signaling a revival of the sell-off from the recent high of 112.14. The breakdown, however, was short-lived, with pair picking up a strong bid near 111.00, possibly due to rise. So, it seems safe to say that the pullback from 112.14 has ended and the outlook as per the 4-hour chart has again turned bullish. As a result, resistances lined up at 111.86 and 112.14 stand exposed. The bullish case would weaken if the pair falls back and holds below 111.46. On the downside, a break below 111.00 is needed to revive the bearish view.