USDJPY is facing short-term bullish pressure.

Price is above the support of the ascending price channel. Price may bounced from 1st support at 113.413 in line with 78.6 Fibonacci retracement and and 61.8% Fibonacci extension to 1st resistance 114.462 in line with 61.8% Fibonacci retracement with 61.8% Fibonacci extension. Our bullish view is further supported by how Stochastic is testing support where Price bounced in the past. Otherwise price may bearish towards 2nd support at 113.003 in line with Horizontal swing low and 100% Fibonacci extension .

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