USD/JPY has been in a bullish non-volatile trend until it reached the resistance area of 112.50-113.00. In light of the French Election, USD/JPY also opened with a GAP today which was later filled up by the bears in this pair. Today, Japan presented Consumer Confidence report which revealed a negative index of 43.2 which was expected to be at 44.3. The US Labor Market Condition Index is going to be published later today, which was previously at 0.4. Despite negative economic reports from Japan today, JPY is gaining ground against USD. If the US Labor Market Condition Index comes out with a positive figure, we might see USD gaining some strength. Otherwise, JPY is expected to remain stronger throughout the week.

Now let us look at the technical chart. The price has rebounded from the trendline resistance at 112.50-113.00 resistance area. The pair is trading in a bearish bias until the price breaks above this resistance area with a daily close. If the price remains below this resistance area, we will expect a further bearish move towards 111.60 and 110.10 in the coming days.