USDJPY BUYERS NEED TO HOLD CRITICAL SUPPORT
The US dollar is testing critical intraday support against the Japanese currency after buyers failed to build bullish traction above the 113.30 level. The USDJPY pair is also struggling as the US dollar index is under heavy selling pressure after reversing below the 97.00 level. Sellers need to hold price below the 112.87 support level while buyers need to break above the former monthly trading high.
The USDJPY pair is only bullish while trading above the 112.87 level, key resistance is now found at the 113.40 and 113.90 levels.
If the USDJPY pair trades below the 112.87 level, sellers are likely to test the 112.45 and 112.15 support levels.