USDJPY STILL BEARISH BELOW 112.48 LEVEL
The U.S dollar continues to trade at depressed levels against the Japanese yen, despite sellers failing to breach the 112.03 level. Price-action currently holds around the 112.20 mark, with the USDJPY failing to gain traction, despite a minor recovery in the U.S dollar index during the European trading session. The pair remains technically bearish below the 112.48 level, with sentiment remaining depressed. Traders now await the release of the ISM Manufacturing PMI, and the FOMC Meeting Minutes from the FED’s December policy meeting.
The USDJPY sellers retain control of the pair while price-action trades below the key 112.48 level. Further selling towards 111.68 remains likely if the 112.03 level is breached.
Should the USDJPY pair encounter intraday buying interest above the 112.48 level, upside targets remain 112.70 and 113.10.