USDJPY SELLERS RETAIN CONTROL BELOW 111.70 LEVEL
The U.S dollar pair remains in a narrow trading range between 111.34 and 111.69 against the Japanese yen, with the yen under marginal pressure after weak Japanese retail sales numbers. The USDJPY pair and the broader market has looked past North Korea’s latest ballistic missile test on Wednesday. Price-action currently trades around the 111.55 level, ahead of the release of key third fiscal quarter GDP figures from the United States economy.
The USDJPY pair is likely to remain under pressure while trading below the 111.70 level. If price-action trades above the 111.70, further technical resistance is situated at 111.90 and 112.20.
Should price action decline below the 111.35 technical level, intraday sellers may look to test the 110.83 price-low and the key 110.60 support level.