USDJPY BUYING INTEREST LIMITED
The USDJPY pair continues to trade at the lower end of its 111.98 to 113.43 trading range, as uncertainty over the Trump administrations U.S tax overhaul plan continues to weigh on the U.S dollar index.
Trading sentiment surrounding the USDJPY pair is slightly bearish, as price-action continues to slip lower, but seemingly unable to close under the 112 level on a higher time-frame basis.
Yesterday, the USDJPY broke underneath the 112.25 range-low, hitting 111.98, but later recovered towards the 112.58 level as sellers failed to close price-action below the 112 handle.
Today's FOMC Meeting Minutes is a key risk event for the USDJPY pair, with sellers looking to target below the 111.90 levels, and buyers looking to test demand above the 113 level.
Key intraday technical support below the 111.98 level is found at 111.90 and the pairs key 200-week moving average, at 111.69. Once below 111.69, further support is found at 111.41 and 110.85.
To the upside, key intraday technical resistance is found at 112.40 and the recent swing price-high, at 112.58. Above 112.58, further resistance is found at 112.90, 113.25 and 113.43.