USDJPY CORRECTION ONLY POSSIBLE BELOW 112.80
The US dollar has started to edge lower against the Japanese yen currency, following FED Chair Jerome Powell’s comments on US inflation at the second-half of his testimony on Wednesday. The USDJPY pair has broken below key support, and the four-hour time frame MACD indicator is also starting to turn lower. Sellers will likely target the 112.20 support region, while buyers will aim to reclaim the 113.00 level.
The USDJPY pair is only intraday bearish while below the 112.80 level, downside targets are found at the 112.20 and 111.70 levels.
If the USDJPY pair moves above the 113.00 level, buyers will likely test towards the 113.20 and 113.40 resistance levels.