USD/JPY

In the context of a short-term downtrend, price is rallying, performing what can be called a bullish correction. A movement above the supply level at 110.00 would render the short-term downtrend invalid, while a movement below the demand level at 108.50 would strengthen it. However, a strong bearish pressure would be needed for the demand level at 108.50 to be broken to the downside, as the demand level has been tested several times without price staying below it.