USDJPY DOWNWARD PRESSURE BUILDING
The US dollar has continued to reverse lower from key resistance against the Japanese yen during the European trading session. The MACD indicator on the one-hour time frame is also trending lower placing additional selling pressure on the USDJPY pair. A clear break below the 112.79 support level exposes further intraday losses towards the current weekly low.
The USDJPY pair is only bearish while trading below the 112.79 level, key technical support is found at the 112.39 and 111.92 levels.
If the USDJPY pair trades above the 113.15 level, buyers will likely test the 113.40 and 113.88 resistance levels.