USDJPY CONTINUES TO DRIFT LOWER
The US dollar has continued to drift lower against the Japanese yen currency, amidst quiet US market holiday trading conditions. Repeated technical failure above the 113.00 level and general risk-aversion ahead of Sino-US trade talks at the upcoming G20 Summit is also weighing on the USDJPY. The release of US PMI data this afternoon will likely provide the next round of short-term volatility in the pair.
The USDJPY pair is only bearish while trading below the 112.79 level, key technical support is found at the 112.30 and 111.90 levels.
If the USDJPY pair trades above the 113.00 level, key resistance is found at the 113.15 and 113.40 levels.