USDJPY FURTHER BEARISH BELOW 111.78 LEVEL
The U.S dollar has turned lower during the European trading session against the Japanese Yen, after buyers failed to gain momentum above the pairs key 200-day moving average. The USDJPY pair now trades around the 111.60 level, as strength in the Japanese yen currency starts to return on Thursday. Moving into the U.S session, financial markets will look to monthly PPI inflation data, at a time when the Federal Reserve remains concerned about subdued inflation and wage growth in the American economy.
USDJPY pair is strongly bearish while trading below the 111.78 level, further losses towards the 110.84 and 110.00 levels remains possible.
Should the USDJPY pair start to move above the 111.78 level for a sustained period, buyers may push price-action towards the 112.05 and 112.30 levels.