USDJPY MAY CORRECT LOWER BELOW 111.00 LEVEL
The US dollar has started to move lower against the Japanese yen currency, as the greenback starts to sell-off from overbought trading conditions. The USDJPY pair currently trades around the 111.00 level, after running into strong technical selling from the 111.40 level on Monday. With a lack of market moving economic data today, traders will focus on the US dollar and US equity market movements.
The USDJPY pair is intraday bearish while trading below the 111.00 level, key support is currently found at the 110.55 and 110.00 levels.
If the USDJPY pair holds the 111.00 level, buy may test towards the 111.40 and 112.00 resistance levels.