USDJPY STRONGLY BEARISH BELOW 111.80
The US dollar continues to trade towards the 112.00 level against the Japanese yen currency, as financial markets start the new trading week in risk-off mode. The USDJPY pair is currently consolidating inside a symmetrical triangle pattern, with a clear break below the 111.80 support level likely to signal further losses. Buyers need to move price above the 112.55 resistance level to regain intraday bullish momentum.
The USDJPY pair is strongly bearish while trading below the 112.55 level, key support found at the 111.80 and 111.10 levels.
If the USDJPY pair trades above the 112.55 level, buyers are likely to test towards 112.80 and 113.40 resistance levels.