USDJPY MAY HAVE REACHED BULLISH TARGET
The US dollar is now moving to the downside against the Japanese yen currency, as global equity markets start to trade lower once again. The USDJPY pair was strongly rejected from the 112.87 resistance level and may have reached its bullish correction target. Buyers need to move price above the pivotal 112.45 level, while sellers will attempt to break the 111.90 support level to accelerate the current intraday decline.
The USDJPY pair is intraday bearish while trading below the 112.45 level, key support is now found at the 111.90 and 111.60 levels.
If the USDJPY pair trades above the 112.45 level, buyers may test towards 112.65 and 112.87 resistance levels.