USDJPY SELLERS NEED TO BREAK 112.30 LEVEL
The US dollar continues to trade below the 113.00 level against the Japanese yen, with the risk-sensitive pair earlier tumbling to a two-week trading low. Buyers need to move price above the 113.15 resistance level to negate short-term bearish pressures. A clear breach of the 112.30 support level exposes the USDJPY pair to further heavy technical selling towards the October trading low.
The USDJPY pair is strongly bearish while trading below the 112.90 level, key support is found at the 112.30 and 111.50 levels.
If the USDJPY pair moves above the 112.90 level, further upside towards the 113.15 and 113.80 levels remains possible.