USDJPY TURNING BEARISH BELOW 112.47 LEVEL

The U.S dollar has started to trade on the back-foot against the Japanese yen currency on Tuesday, slipping back below key support. A failure to hold price action above the 112.80 level, has created a bearish higher-low, and added to medium-term selling pressure on the USDJPY pair. Financial markets are currently lacking liquidity and holding in narrow-ranges, ahead of the Thanksgiving holiday on Thursday and the release of U.S Federal Open Market Committee Meeting Minutes on Wednesday.

•        The USDJPY pair remains bearish on an intraday basis while trading below the 112.47 technical level. Further losses towards the 112.20and 111.88 levels look increasingly likely.

•        Should the USDJPY pair trade back above the 112.47 technical level, buyers will likely push price-action back towards the 112.80 and 113.07 resistance levels.