USDJPY UPSIDE CORRECTION UNDERWAY
The US dollar is starting to correct higher against the Japanese yen currency after sellers failed to push the price below the 112.00 support level. In the short-term, the upside technical correction in the USDJPY pair may extend towards the 113.10 resistance level. Overall, the direction of the USDJPY pair is likely to influenced by US equity markets and US Durable Goods Orders data later today.
The USDJPY pair is only bearish while trading below the 112.79 level, key technical support is found at the 112.30 and 111.92 levels.
If the USDJPY pair continues to trade above the 112.79 level, buyers may test the 113.10 and 113.40 resistance levels.