Daily Technical Outlook : USDJPY (Feb 8)

USDJPY pulled back higher towards 122.50 resistance level, where the bounce was initially halted by new sellers. The breakout below the recent sideways consolidation favors the continuation of the bearish wave.

Short term scenarios:
Bearish targeting 111.65 and 111.07. Risk limit above 113.50

Short term key support and resistance
112.00 111.40 111.00
112.55 113.50 113.85