USDJPY REVERSES FROM BULLISH TARGET
The US dollar is trading lower against the Japanese yen currency, after finding strong technical resistance from the 113.80 level. The USDJPY pair has a bearish intraday bias while trading below key trendline support and may have reached its medium-term upside target, at 113.80. Sellers need to break the 112.89 level, while buyers need to move the price back above the 113.40 level.
The USDJPY pair is bearish while trading below the 113.40 level, key support is now found at the 112.90 and 112.54 levels.
If the USDJPY pair trades above the 113.40 level, buyers are likely to test the 113.80 and 114.20 resistance levels.