USDJPY HEAVILY BEARISH BELOW 112.20
The US dollar has started the new trading week under pressure against the Japanese yen, following the weaker than expected monthly US jobs report on Friday. The intraday sentiment surrounding the USDJPY pair is heavily bearish while trading below the 112.20 support level. It is worth noting that a larger head and shoulders pattern may also be forming across the four-hour time frame.
The USDJPY pair is strongly bearish while trading below the 112.20 level, key support is found at the 111.50 and 111.32 levels.
If the USDJPY pair trades above the 112.55 level, key resistance is found at the 113.00 and 113.20 levels.