USDJPY MOVING TOWARDS KEY TRENDLINE
The US dollar is erasing earlier gains against the Japanese yen currency as equity markets once again come under selling pressure. The USDJPY pair is now testing key trendline support, with a breach of the trendline likely to trigger heavy technical selling towards the 111.60 level. Traders now await the release of key Gross Domestic Product data from the United States economy.
The USDJPY pair is bearish while trading below the 111.98 level, key support is now found at the 111.60 and 111.10 levels
If the USDJPY pair trades above the 112.45 level, buyers will likely test the 112.87 and 113.20 resistance levels.