USDJPY STRONGLY BEARISH BELOW 112.20 LEVEL
The U.S dollar has moved sharply lower against the Japanese yen during the Asian trading session, hitting 112.10, as Japanese stocks slide. The USDJPY pair has been hit by risk-risk-off sentiment, with the Nikkei225 down over 2 percent on the day, continuing the decline seen in U.S stocks and bond yields on Tuesday. Price-action currently trades below the key 112.20 level, ahead of the release of the ADP jobs report, which is expected to show that the U.S economy created 185,000 private sector jobs in November.
The USDJPY pair remains strongly bearish while trading below the 112.20 technical level, intraday sellers may look to test the 111.90 and 111.58 technical levels.
If push price-action on the USDJPY pair moves above the 112.20 technical level, price-action may move towards the 112.40 and 112.70 resistance levels.