USD/JPY: the pair is approaching a critical resistance zone (Goldman Sachs)

The USD/JPY pair is approaching a strong resistance level according to Goldman Sachs.

"The USD/JPY's reaction to the 115.07 threshold will likely be significant. It will be interesting to see if the pair forms a top in this area.

Alternatively, a break of 115.07 would allow for a more impulsive rise. The above confirmation point should be 115.62, then paving the way towards 118.93 in case of a break.

Technical analysis suggests, however, a correction in favor of a resistance at 115.07.

Our analysis: We are expecting selling at the approach of 115, but not higher than 115.62. A break here could initiate a move towards 118.93."