The US Dollar falls rapidly versus the Yen

Janet Yellen’s words in front of congress have weaken the US Dollar and that is we can see on the daily chart of the USD/JPY that the pair has fallen rapidly to the 113.00 zone. It is possible for the 113.00 level to act as support, but the pair stays very weak and it could try to go and visit the 112.00 level where we can find the 55 day EMA (purple line). The 200 day EMA (blue line) at the 111.48 level may also act as support. Below the 200 day EMA, the pair has practically the road clear to fall all the way to the low at the 108.80 level. The Stochastics indicator has also changed direction rapidly to the downside and that could be an indication that the pair may continue dropping. To the upside, the 114.49 level which has already acted twice as a resistance may stop the price there in case of a bullish continuation.