USDJPY MOVING TOWARDS KEY SUPPORT
The US dollar continues to move lower against the Japanese yen, with the risk-sensitive pair increasingly volatile during the European trading session. A breach of the 112.50 support level is likely to trigger the next down move in the USDJPY pair, with sellers then targeting the November trading low. Traders now await the US ADP private sector jobs report and a scheduled speech from FED Chair Jerome Powell.
The USDJPY pair is strongly bearish while trading below the 112.50 level, key support remains at the 112.30 and 111.50 levels.
If the USDJPY pair moves above the 113.15 level, key resistance is then found at the 113.50 and 113.90 levels.