USD/JPY Technical Analysis: Launch off of 112.00 to see renewed challenges from 112.70

• Over the past twenty-four hours, the USD/JPY dropped from a peak of 112.73 to bottom out at 111.95, and the Dollar-Yen pairing is now trading into 112.40 after Greenback bidders took a bounce to reclaim the 112.00 handle. The pair is now trading just shy of 112.40 and closing in on a descending intraday trendline from yesterday's consecutive lower peaks. 
• USD/JPY Forecast: Bearish outside day has established 112.73 as key resistance

USD/JPY, M5

• The past week has seen the USD/JPY strangle between increasing downside pressure and a bolstering effect from the 112.00 critical level, a boundary that buyers have marked in the sand, but buying pressure into the medium-term struggles to develop any real momentum as market sentiment continues to play a major role in USD-based risk flows.

USD/JPY, M30

• Over the past month, the USD/JPY looks to have finally broken through a descending trendline from October's peak of 114.55, and trend-minded Greenback buyers could be looking to coil up for another leg up off of the last higher low, a confluence with the 112.00 major handle, while Slow Stochastics, although not in overbought territory, are beginning to lean back into buy territory just south of the 50 mid-point.

USD/JPY, H4

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