USDJPY BEARISH BELOW 112.48 LEVEL
The U.S dollar has fallen to a three-week trading low against the Japanese yen, as weakness in the greenback drives the pair lower. The USDJPY has fallen below its key 100-day moving average, indicating medium-term weakness, with price-action so far reaching an intraday-low of 112.11. The U.S dollar index has declined even further during the European trading session, falling towards the 91.90 support level. Traders now await the United States market open, with the major macroeconomic release of the day, the U.S Manufacturing PMI for the month of December.
The USDJPY pair remains strongly bearish while trading below the 112.48 level, further losses towards 112.03 and 111.60 appear likely.
Should price-action move above the 112.48 level, buyers will likely test towards the 112.70 level. Extended weekly resistance is found at the 113.10 level.