USDJPY GIVES WAY TO TECHNICAL SELLING
The USDJPY has slipped below key weekly support, after the pair gave way to strong technical selling, after several failed attempts to push price-above the former weekly price-high, at 113.25.
Today's trading sentiment surround the USDJPY pair is neutral to slightly bearish, as the pair awaits the ADP jobs report for the month of September, and a key-note speech from FED Chair Janet Yellen.
Going forward, the USDJPY pair risks deeper trading losses whilst price-action remains beneath its daily pivot, at 112.90 and the key 112.70 support level.
The U.S dollar index is also seeing broad-based weakness across the board, and that is also a contributing factor to recent softness in the USDJPY pair.
Key intraday technical support below the 112.70 level is found at 112.40, which represents the pairs weekly pivot point. Further support is also found at 112.28 and 111.90, and the USDJPY 200-week moving average, at 111.69.
To the upside, key intraday technical resistance above 112.70 is found at 112.90 and 113.25. Once above 113.25, further resistance is seen at 113.57 and 113.89.