USDJPY CORRECTION LOOKS TO BE OVER
The US dollar has started to move higher against the Japanese yen currency, as Tuesday’s much needed technical correction appears to be over. Buyers now need to break the 114.06 level, while sellers will need to force price below the 113.51 level to change the sentiment towards the USDJPY pair. Traders await scheduled speeches from a host of FOMC members and US PMI Manufacturing data.
The USDJPY pair is bullish while trading above the 113.80 level, key resistance above the 114.06 level is found at the 114.43 and 114.80 areas.
If the USDJPY pair moves below the 113.51 level, key technical support is found at the 113.30 and 112.92 levels.