USDJPY MOVING LOWER AFTER TECHNICAL FAILURE
The US dollar is starting to turn lower against the Japanese yen currency after buyers failed to break above the key May monthly-high, at 111.39, on Tuesday. The USDJPY pair has now turned back towards the 110.80 support level, as intraday sellers test towards the top-end of the pairs previous trading-range. Buyers will look to reclaim the 111.00 handle, while sellers will look to push the price below the key 110.80 support level.
The USDJPY pair is only bullish while trading above the 110.80 level, key resistance is now found at the 111.00 and 111.39 levels.
If the USDJPY pair moves below the 110.80 level, sellers will be encouraged to test towards the 110.45 and 110.25 support levels.