USDJPY UNDER HEAVY SELLING PRESSURE
The US dollar is coming under increasing selling pressure against the Japanese yen on Tuesday, as global equity markets tumble into the red. The USDJPY pair is also under pressure technically, as the recent decline has created a bearish fourth lower price high. The 112.20 support level is the key downside area to watch, a break below the 112.20 level exposes further downside towards the 111.30 level.
The USDJPY pair is intraday bearish while trading below the 112.90 level, key support is found at the 112.20 and 111.30 levels.
If the USDJPY pair trades above the 112.90 level, key resistance is found at the 113.20 and 113.50 levels.