USDJPY currency pair recently broke the support level 114.000 (which has been reversing the pair from the start of November, as can be seen from the daily USDJPY chart below), intersecting with the support trendline of the short-term up channel from the start of this month and 50% Fibonacci correction of the earlier sharp upward price impulse. The breakout of the support level 114.000 strengthened the bearish pressure on this currency pair. Given the strongly bullish yen sentiment seen across the FX markets today (on safe-haven inflows on the discovery on new Covid-19 variant), USDJPY can be expected to fall further toward the next support level 112.750.
