USDJPY HEAVY SELLING LIKELY BELOW 112.54 LEVEL
The greenback remains under pressure against the Japanese yen currency on Monday as US dollar weakness, and risk-off trading sentiment push the pair lower. Heavy technical selling is expected if price falls below the important 112.54 support level. Only a sustained move above the 113.00 resistance level will negate intraday selling pressures on the USDJPY pair.
The USDJPY pair is intraday bearish while trading below the 113.00 level, key technical support is now found at the 112.954 and 111.92 levels.
If the USDJPY pair trades above the 113.00 level, buyers may test the 113.70 and 114.54 resistance levels.