USDJPY testing channel support
The USDJPY pair is under pressure towards the 111.00 support level on Friday, as traders move into the safety of the Japanese yen currency. The USDJPY pair is currently testing major trendline support from a rising price channel on the four-hour time frame. A sustained move below the channel may encourage sellers to test towards the important 110.60 technical level.
The USDJPY pair is bearish while trading below the 111.60 level, key technical support is found at the 111.00 and 110.60 levels.
If the USDJPY pair trades above the 111.60 level, buyers may test towards the 112.00 and 112.20 resistance levels.